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 2023:

• The regular yearly contributions amount for Deferred Compensation will increase from $20,500.00 to $22,500.00.
• An additional 50 and Over Catch-Up deferment is available to employees age 50 and over. Employees in this age bracket can defer up to $7,500.00 for a combined maximum contribution of $30,000.00 for calendar year 2023.
• The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, increases from $20,500.00 to $22,500.00, for a combined maximum contribution of $45,000.00 for calendar year 2023.

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

January 1, 2023

Questions

Questions regarding this bulletin may be directed to The New York State Deferred Compensation Plan or by calling the helpline at 1-800-422-8463.