How much can I contribute?

The minimum contribution amount to participate in the SMART Plan is $10 per pay period or 1% of your gross income, whichever is less. You can contribute a maximum of 100% of your includible compensation, not to exceed the annual IRS legal limit of $15,500 in 2008.

If you are within three years of your normal retirement age, you may use the Special Catch-Up provision that allows you to save an additional $15,500 in 2008. This amounts to a total contribution of $31,000. Beginning January 1, 2008, if you are age 50 or older during the calendar year, you may contribute an additional $5,000. This amounts to a total contribution of $20,500.

The Special Catch-Up and 50+ Catch-Up provisions cannot be used in the same year. Maximum is limited by the amount of underutilized deferrals from prior years. Contact your local representative for additional information.

How Much Can I Contribute? (pdf) further explains contribution options and limits for the SMART Plan.

May I increase, decrease, restart or stop my contribution amount?
You may elect to increase, decrease, restart or stop your payroll deductions to the SMART Plan through the Account Access portion of this Web site after you log in to your account.

If I participate in another retirement plan, is my annual contribution limit reduced?
No; There is an opportunity for you, if eligible, to participate in multiple retirement plans and maximize contributions. Annual contribution limits are not reduced for deferrals to 403(b) and 401(k) plans.