logo

Date: December 6, 2013

Bulletin Number: 1291

line

Subject

Deferred Compensation Maximum Contribution Limits for Calendar Year 2014

Purpose

To notify agencies of the maximum contribution limits for employees enrolled in the Deferred Compensation Plan for calendar year 2014.

Affected
Employees


Employees enrolled in the Deferred Compensation Plan.

Effective Date(s)

Institution Paychecks dated January 9, 2014.
Administration Paychecks dated January 15, 2014.

Maximum 2014 Deferred Compensation Contribution Limits

Pursuant to IRS Section 457 Regulations:

The regular yearly contribution amount for Deferred Compensation remains at $17,500.

The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, remains at $17,500, for a combined maximum total contribution of $35,000 for calendar year 2014.

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 2014.  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.

OSC Actions

OSC will update the Savings Plan Tables to allow the new maximum amounts to process.

Questions

Questions regarding this bulletin should be emailed to the Payroll Deduction mailbox.