Take Advantage of The Catch Up Opportunity If You Are Over 50
If you’ll be 50 or older this year, you’re eligible to make catch-up contributions in the 457 Plan. Your employer will match the first 2% of your contributions and you may contribute beyond this 2% up to $6,000. This is a good opportunity to make up for years you may not have been able to contribute. If you are at least age 50 by the end of the calendar year, your contributions will automatically be allowed up to the maximum age 50 limit of $24,500 for 2018.
If you have not made the maximum contribution in prior years, you may be eligible for the Traditional Catch-Up Contribution. This allows you to contribute up to twice the annual dollar limit — $37,000 in 2018 — for the three calendar years prior to the year in which you become eligible for normal retirement benefits (between age 50 and age 70½). If you wish to take advantage of the Traditional Catch-Up Contribution, you must call the Plan Information Line at 800-748-6128.
If you have questions
or want to make a
call the Plan Information Line at 800-748-6128.
- You may not participate in the Over 50 Catch-Up and the 457 Traditional Catch-Up during the same calendar year in the 457 Plan.