||Deferred Compensation Maximum Contribution Limits for Calendar Year 2017
||To notify agencies of the maximum contribution limits for employees enrolled in the New York State Deferred Compensation Plan for calendar year 2017.
- The regular yearly contribution amount for Deferred Compensation will remain at $18,000.
- An additional deferment is available to employees age 50 and over. These employees can defer up to $6,000 in addition to their regular contribution amount, for a combined total contribution limit of $24,000 in 2017.
- The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, remains at $18,000, for a combined maximum total contribution of $36,000 for calendar year 2017.
Employees are not eligible to choose both the “Retirement Catch-Up” and the “50 and Over Catch-Up” in the same calendar year.
|Employees enrolled in the New York State Deferred Compensation Plan.
||Institution Paychecks dated January 5, 2017.
Administration Paychecks dated January 11, 2017.
||Questions regarding this bulletin may be directed to the Nationwide
Helpline at 1-800-422-8463.