What is the maximum contribution limit to 401(k) plans for the year 2009?

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The maximum contribution limit to 401(k) plans for the year 2009 was set at $16,500 for employees under the age of 50. This amount reflects the guidelines established by the IRS for that tax year, which determined how much an individual could defer into their 401(k) retirement plan through salary contributions.

In addition to the base amount, employees aged 50 and older were allowed to make a catch-up contribution of an additional $5,500 in 2009, bringing their total allowable contribution to $22,000. This structure was designed to encourage retirement savings, especially for those nearing retirement age who might need to bolster their savings efforts.

Knowing the specific contribution limits for different tax years is essential for individuals who want to maximize their retirement savings and take full advantage of the benefits offered by 401(k) plans.

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