Date: December 14, 2017

Bulletin Number: 1622

Subject Deferred Compensation Maximum Contribution Limits for Calendar Year 2018

Purpose To notify agencies of the maximum contribution limits for employees enrolled in the New York State Deferred Compensation Plan for calendar year 2018.
  • The regular yearly contribution amount for Deferred Compensation will increase from $18,000 to $18,500.
  • 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 $24,500 in 2018. 
  • The Deferred Compensation “Retirement Catch-Up” provision, available to employees in each of the last three years prior to normal retirement age, increases from $18,000 to $18,500, for a combined maximum total contribution of $37,000 for calendar year 2018.

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 4, 2018.
Administration Paychecks dated January 10, 2018.

Questions Questions regarding this bulletin may be directed to http://www.nysdcp.com or by calling the Nationwide Helpline 1-800-422-8463.Representatives are available Monday – Friday, 8am – 11pm and Saturday, 9am – 6pm.