SAR-SEPSalary Deferral Simplified Employee Pension Plan (replaced by simple plans)
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Beginning this year, in addition to higher limits, employees who are 50 years or older can make an additional $1,000 contribution to their 401(k), 403(b), SAR-SEP or 457 plan.
Similar increases apply to 403(b) and 457 plans as well as SAR-SEPs.
Similar increases apply to 403(b) plans offered to teachers and employees of nonprofits; 457 plans, found mostly in state and local governments; and SAR-SEPs, a salary-reduction type of Simplified Employee Pension.