||Deferred Compensation Maximum Contribution Limits for Calendar Year 2020
||The purpose of this bulletin is to notify agencies of the maximum contribution limits for employees enrolled in the New York State Deferred Compensation Plan for calendar year 2020.
- The regular yearly contribution amount for Deferred Compensation will increase from $19,000.00 to $19,500.00.
- An additional deferment is available to employees age 50 and over. These employees can defer up to $6,500.00 in addition to their regular contribution amount, for a combined total contribution limit of $26,000.00 in 2020.
- The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, increases from $19,000 to $19,500.00, for a combined maximum total contribution of $39,000.00 for calendar year 2020.
Employees are not eligible to choose both the “Retirement Catch-Up” and the “50 and Over Catch-Up” in the same calendar year.
|Employees enrolled in the New York State Deferred Compensation Plan are affected.
||Institution Paychecks dated January 2, 2020
Administration Paychecks dated January 8, 2020
||Questions regarding this bulletin may be directed to http://www.nysdcp.com or by calling the Nationwide Helpline
1-800-422-8463.Representatives are available Monday – Friday, 8am – 11pm and Saturday, 9am – 6pm.