The IRS has announced the 2013 annual limits for the 403(b) and the 457(b) retirement plans. The 2013 maximums are as follows:
- For the 403(b) plan, the annual limit is $17,500 for those under the age of 50 and $23,000 for those 50 and older.
- For the 457(b) plan, the annual limit is $17,500 for those under the age of 50 and $23,000 for those 50 and older. In order to participate in the 457(b) plan, a faculty or staff member must be on target to max out their 403(b) plan for the 2013 year.
