The Internal Revenue Service has announced several important changes in retirement contribution limits for 2004. The limit for elective deferrals has been increased for 2004 from $12,000 to $13,000. Catch-up contributions for people older than 50 are permitted to make additional deferrals of up to $3,000 to 403(b) plans. The limit on annual additions also was increased from $40,000 to $41,000.