Purpose |
To notify agencies of increases in the maximum contribution limits for employees enrolled in the Deferred Compensation Plan for calendar year 2013, pursuant to IRS Section 457 Regulations.
- The regular yearly contribution amount for Deferred Compensation has been increased from $17,000 to $17,500.
- The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, has been increased to $17,500, for a combined maximum total contribution of $35,000 for calendar year 2013.
An additional deferment is available to employees age 50 and over. These employees can defer up to $5,500 in addition to their regular contribution amount, for a combined total contribution limit of $23,000 in 2013. However, employees cannot choose to have both the “Retirement Catch-Up” and the “50 and Over Catch-Up” additional amounts deferred in the same year.
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