Purpose

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.

Affected Employees

Employees enrolled in the New York State Deferred Compensation Plan are affected.

Effective Date(s)

Institution Paychecks dated January 2, 2020

Administration Paychecks dated January 8, 2020

Questions

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.