What is the maximum amount I can contribute to a Uni-DB plan?
There is no maximum amount you can contribute to your Uni-DB plan. The amount you contribute is the amount necessary to provide the promised benefit at retirement. It is determined each year by the plan’s actuary. It is calculated based on your income, years to retirement, investment return on plan assets, and the plan benefit formula. The maximum annual benefit you can receive is 100% of your highest three-year average compensation, up to a certain dollar maximum.
Related Questions
- Can an individual who is not covered by a high-deductible health plan HDHP for the whole year contribute the maximum annual limit established by the IRS?
- Can an individual who is not covered by a high deductible health plan HDHP for the whole year contribute the maximum annual limit established by the IRS?
- What is the maximum amount of elective deferrals an employee can contribute to a 403(b) plan?