To notify agencies of the maximum contribution limits for employees enrolled in the Deferred Compensation Plan for calendar year 2008, pursuant to IRS Section 457 Regulations.
- The regular yearly contribution amount for Deferred Compensation will remain at $15,500.
- The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, will remain at $15,500, for a combined maximum total contribution of $31,000 for calendar year 2008.
- An additional deferment is available to employees age 50 and over. These employees can defer up to $5,000 in addition to their regular contribution amount for a combined total contribution limit of $20,500 in 2008. However, employees cannot choose to have both the “Retirement Catch-Up” and the “50 and Over Catch-Up” additional amounts deferred in the same year.
Employees enrolled in the Deferred Compensation Plan
Paychecks dated January 3, 2008 (Institution)
Paychecks dated January 9, 2008 (Administration)
Questions regarding Deferred Compensation deductions and catch-up plans may be directed to the NYS Deferred Compensation Helpline at 1-800-422-8463. The NYS Deferred Compensation website may provide additional information.
Questions regarding this bulletin may be directed to the Payroll Deduction mailbox.