Purpose

The purpose of this bulletin is to notify agencies of the following maximum contribution limits for employees enrolled in the New York State Deferred Compensation Plan for calendar year 2022:

• The regular yearly contribution amount for Deferred Compensation will increase from $19,500.00 to $20,500.00.
• An additional deferment is available to employees age 50 and over remains unchanged at $6,500.00. Employees in this age bracket can defer up to $6,500.00 in addition to their regular contribution.
• The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, increases from $19,500.00 to $20,500.00, for a combined maximum total contribution of $41,000.00 for calendar year 2022.

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 Dates

Maximum salary contribution limits for the above referenced Deferred Compensation Plans are already in effect.

Questions

Questions regarding this bulletin may be directed to The New York State Deferred Compensation Plan or by calling the Nationwide Helpline at 1-800-422-8463. Representatives are available Monday – Friday, 8am – 11pm and Saturday, 9am – 6pm.