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There's a very timely Fool article on this very subject:

My employer limits my contributions to 15%, but I believe that it's a plan limit to ensure that total employee contributions don't exceed 15% of total salary. I believe that, if my plan allowed it, I could legally contribute up to 25% or $10,500, whichever is less, but if too many employees made such large contributions, the plan would be out of compliance. By capping individual contributions at 15%, the administrator can ensure that the plan as a whole won't exceed 15%.
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