401k employee contribution limit

[Guest mulrenan]

Are employees limited to 15% of salary or can an employee designate a fixed amount each payroll (eg $500 per check)that maybe more than 15% but still within the annual 99 limit of $10,000

[LCARUSI]

Employee is limited by $10,000 limit and 415© limit.

In addition to that, check your plan document for further restrictions - 15% is a common plan design limit.

[Guest jomarcus]

Check the plan document. Although there is nothing wrong with contributions expressed as specific dollar amounts, many plans and their recordkeeping vendors require that contributions be expressed as a percentage. It eliminates the problem of what to do if the paycheck is less than the amount of the contribution.

------------------