State Agencies Bulletin No. 1538

Subject
Deferred Compensation Maximum Contribution Limits for Calendar Year 2017
Date Issued
December 20, 2016

Purpose

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.

Affected Employees

Employees enrolled in the New York State Deferred Compensation Plan

Effective Date(s)

Institution Paychecks dated January 5, 2017

Administration Paychecks dated January 11, 2017.

Questions

Questions regarding this bulletin may be directed to the Nationwide Helpline at 1-800-422-8463.