Purpose

To notify agencies of the maximum contribution limits for employees enrolled in the New York State Deferred Compensation Plan for calendar year 2019

• The regular yearly contribution amount for Deferred Compensation will increase from $18,500 to $19,000.
• 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 $25,000 in 2019.
• The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, increases from $18,500 to $19,000, for a combined maximum total contribution of $38,000 for calendar year 2019.

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 3, 2019

Administration Paychecks dated January 9, 2019

Questions

Questions regarding this bulletin may be directed to http://www.nysdcp.com or by calling the Nationwide Helpline at 1-800-422-8463.Representatives are available Monday – Friday, 8am – 11pm and Saturday, 9am – 6pm.