RETIREMENT PLAN LIMITS FOR 2003

The annual defined contribution benefit limit ($40,000 per participant) and the annual compensation limit ($200,000 per participant) remain unchanged for 2003.  However, the annual per participant limit on 401(k) contributions increases from $11,000 to $12,000, and the maximum "catch-up" contributions for individuals age 50 and over increases from $1,000 to $2,000.  The limitation for the definition of "highly compensated employee" ($90,000 in annual compensation) and the limit on the annual benefit payable under a defined benefit plan ($160,000) also are unchanged for 2003.

Andrew S. Williams
Aronberg Goldgehn Davis & Garmisa
One IBM Plaza, Suite 3000
Chicago, Illinois 60611
312/755-3145
awilliams@agdglaw.com