As I understand it, the contribution limit for 2012 is $17,000 plus the over 50 years old catch-up contribution of $5,500 for a total of $22,500 for someone in their mid fifties. If I switched employers in October, how is that limit modified for the former employer. I received a check from the former plan with the indication that it was an excess contribution and I am trying to figure if their calculation is approximately correct. Thanks in advance for your reply.
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