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 2024:

• The regular yearly contributions amount for Deferred Compensation will increase from $22,500.00 to $23,000.00.
• 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 $30,500.00 for calendar year 2024.
• The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, increases from $22,500.00 to $23,000.00, for a combined maximum contribution of $46,000.00 for calendar year 2024.

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, 2024

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.