5 year 403(b) catch-up?

[Guest Lee Burns]

As an 20 year employee of a public school that does not contribute to my 403(B), is there a provision that allows participants in a 403(B) to make catch-up payments for FIVE years or is the limit three years? Is the max per year or per 3/5 year period?

[Michael Devault]

The limit is $3,000 per year, with a lifetime limit of $15,000. So, if you use the maximum annual limit, the shortest time you can take full advantage of the catch-up is five years.

You should look at IRS Publication 571 for more information on qualifications for this catch-up.

Hope this helps.