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.