being so excludable. (B) Contributions described The contributions described in this subparagraph are— (i) matching contributions (as defined in section 401(m)(4)(A)) which meet the requirements of subparagraphs (B) and (C) of section 401(k)(2), and (ii) qualified nonelective contributions (within the meaning of section 401(m)(4)(C)). (C) Designation limits The amount of matching contributions and qualified nonelective contributions which an employee may designate under subparagraph (A) shall not exceed the excess (if any) of— (i) the maximum amount of such contributions excludable from gross income of the employee for the taxable year (without regard to this section), over (ii) the aggregate amount of such contributions with respect to the employee for the taxable year which the employee does not designate under subparagraph (A). . (d) Effective date The amendments made by this section shall apply to contributions made in taxable years beginning after the date of the enactment of this Act. 9. Maximum contributions (a) Elective deferrals (1) In general Subparagraph (B) of section 402(g)(1) of the Internal Revenue Code of 1986 is amended by striking $15,000 and inserting $25,000 . (2) Cost-of-living adjustment Paragraph (4) of section 402(g) of such Code is amended— (A) by striking $15,000 and inserting $25,000 , (B) by striking December 31, 2006 and inserting December 31, 2020 , and (C) by striking July 1, 2005 and inserting July 1, 2019 . (3) Conforming amendment Clause (ii) of section 402(g)(7)(A) of such Code is amended by striking $15,000 and inserting $25,000 . (b) 457 plans (1) In general Subparagraph (A) of section 457(e)(15) of the Internal Revenue Code of 1986 is amended by striking $15,000 and inserting $25,000 . (2) Cost-of-living adjustment Subparagraph (B) of section 457(e)(15) of such Code is amended— (A) by striking $15,000 and inserting $25,000 , (B) by striking December 31, 2006 and inserting December 31, 2020 , and (C) by striking July 1, 2005 and inserting July 1, 2019 . (c) Employed