Common use of Applicable Contribution Limits Clause in Contracts

Applicable Contribution Limits. I understand my total annual pre-tax contributions and/or post-tax ▇▇▇▇ contributions to the Plan cannot exceed $23,500 for 2025. I further understand that if I am: 1. age 50 or older by the end of 2025, I can make additional pre-tax contributions up to $7,500 for 2025, for a total limit of $31,000. The IRS adjusts these limits for cost of living from year to year. 2. age 60-63 by the end of 2025, I can make additional pre-tax contributions up to $11,250 for 2025, for a total limit of $34,750. The IRS adjusts these limits for cost of living from year to year. I understand that I may also be eligible for a special catch-up if I have 15 years of service with Montana University System ("MUS") and I have not elected to make pre-tax contributions and/or post-tax ▇▇▇▇ contributions up to the maximum limits for prior years. The 15 years of service catch-up must be used before I can use the age-50 catch-up for the year. The 15 years of service catch-up is the lesser of (i) $3,000 or (ii) $5,000 multiplied by my total years of service with MUS less the total deferrals made on my behalf by MUS for all years of service. I cannot contribute more than $15,000 under this special 403(b) catch-up during my lifetime. □ I intend to utilize the 15 years of service catch-up, and I have included with this Salary Reduction Agreement a certification that I am eligible for this catch-up based on my total years of service and total deferrals for all years of service with MUS. I understand that I must provide a certification each year that I elect to utilize the 15 years of service catch-up, and that the certification must be verified by both TIAA (or other vendor) and MUS.

Applicable Contribution Limits. I understand my total annual pre-tax contributions and/or post-tax ▇▇▇▇ contributions to the Plan cannot exceed $23,500 23,000 for 20252024. I further understand that if I am: 1. am age 50 or older by the end of 20252024, I can make additional pre-tax contributions up to $7,500 for 20252024, for a total limit of $31,000. The IRS adjusts these limits for cost of living from year to year. 2. age 60-63 by the end of 2025, I can make additional pre-tax contributions up to $11,250 for 2025, for a total limit of $34,75030,500. The IRS adjusts these limits for cost of living from year to year. I understand that I may also be eligible for a special catch-up if I have 15 years of service with Montana University System ("MUS") and I have not elected to make pre-tax contributions and/or post-tax ▇▇▇▇ contributions up to the maximum limits for prior years. The 15 years of service catch-up must be used before I can use the age-50 catch-up for the year. The 15 years of service catch-up is the lesser of (i) $3,000 or (ii) $5,000 multiplied by my total years of service with MUS less the total deferrals made on my behalf by MUS for all years of service. I cannot contribute more than $15,000 under this special 403(b) catch-up during my lifetime. □  I intend to utilize the 15 years of service catch-up, and I have included with this Salary Reduction Agreement a certification that I am eligible for this catch-up based on my total years of service and total deferrals for all years of service with MUS. I understand that I must provide a certification each year that I elect to utilize the 15 years of service catch-up, and that the certification must be verified by both TIAA (or other vendor) and MUS.

Applicable Contribution Limits. I understand my total annual pre-tax contributions and/or post-tax ▇▇▇▇ contributions to the Plan cannot exceed $23,500 23,000 for 20252024. I further understand that if I am: 1. am age 50 or older by the end of 20252024, I can make additional pre-tax contributions up to $7,500 for 20252024, for a total limit of $31,000. The IRS adjusts these limits for cost of living from year to year. 2. age 60-63 by the end of 2025, I can make additional pre-tax contributions up to $11,250 for 2025, for a total limit of $34,75030,500. The IRS adjusts these limits for cost of living from year to year. I understand that I may also be eligible for a special catch-up if I have 15 years of service with Montana University System ("MUS") and I have not elected to make pre-tax contributions and/or post-tax ▇▇▇▇ contributions up to the maximum limits for prior years. The 15 years of service catch-up must be used before I can use the age-50 catch-up for the year. The 15 years of service catch-up is the lesser of (i) $3,000 or (ii) $5,000 multiplied by my total years of service with MUS less the total deferrals made on my behalf by MUS for all years of service. I cannot contribute more than $15,000 under this special 403(b) catch-up during my lifetime. □ I intend to utilize the 15 years of service catch-up, and I have included with this Salary Reduction Agreement a certification that I am eligible for this catch-up based on my total years of service and total deferrals for all years of service with MUS. I understand that I must provide a certification each year that I elect to utilize the 15 years of service catch-up, and that the certification must be verified by both TIAA (or other vendor) and MUS.