A provision in 401(k), 403(b), plans and IRAs that allows some participants to make contributions over the usual annual limit if they have not maximized their contributions in earlier years.
a benefit that allows you to contribute funds to the 457 plan above the normal maximum allowed by the Internal Revenue Code. The 457 plan has two catch-up options: the 3-Year Catch-Up and the 50+ Catch-Up; to be eligible for the 3-Year Catch-Up, you must have missed contributions in previous years; there is no such requirement for the 50+ Catch-Up. 403(b) has lower catch-up limits. See Catch-Up for more information. 3-Year Catch-Up: if you are within three years of retirement, you may contribute additional funds. The maximum contribution limits increase to the following for eligible participants: 2005 $28,000 2006 $30,000 50+ Catch-Up: if you are 50 or older, you may contribute additional funds; the maximum contribution limits increase to the following for eligible participants: 2005 $18,000 2006 $20,000