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Having worked at my firm for 5 years I have always contributed the maximum allowed % (16%) at our firm and have recently made enough money to max out my contributions ($10000 last year) each year.

Now my firm has said I am in the "higher" paid bracket I am only allowed to contribute 7% of my paycheck - maximum.

My question is shouldn't I be allowed to contribute $10,500 this year regardless of my current salary. With this 7% rule I would need to make $150k to hit the $10,500 limit which is not going to happen.

Any thoughts or feedback would be appreciated.

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