logo

Date: December 15, 2015

Bulletin Number: 1449

line
Subject Deferred Compensation Maximum Contribution Limits for Calendar Year 2016

Purpose To notify agencies of the maximum contribution limits for employees enrolled in the New York State Deferred Compensation Plan for calendar year 2016.
  • The regular yearly contribution amount for Deferred Compensation will remain at $18,000.
  • The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, remains at $18,000, for a combined maximum total contribution of $36,000 for calendar year 2016.
An additional deferment is available to employees age 50 and over.  These employees can defer up to $6,000 in addition to their regular contribution amount, for a combined total contribution limit of $24,000 in 2016.  Employees are not eligible to choose both the “Retirement Catch-Up” and the “50 and Over Catch-Up” in the same calendar year.

Affected Employees Employees enrolled in the New York State Deferred Compensation Plan.


Effective
Date(s)
Institution Paychecks dated January 7, 2016.
Administration Paychecks dated January 13, 2016.

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