IRS Deferral Limits1
Understanding IRS contribution limits is important, especially when your goal is to contribute the maximum to your account. Even if you can't contribute the maximum, consider increasing your New York State Deferred Compensation Plan (the Plan) contributions a little each year to potentially move closer to your retirement goals.
Annual Deferral Limits 2021
| Standard Deferral
|
$19,500 |
|---|---|
| Age 50+ Catch-up
|
$6,500 |
| Special 457(b) Catch-up | up to $39,000 |
Annual Deferral Limits 2020
| Regular Deferral Limit
|
$19,500 |
|---|---|
| Age 50+ Catch-up
|
$6,500 |
| Special 457(b) Catch-up | up to $39,000 |
The Age 50+ Catch-up provision allows people who are age 50 or over to contribute more to their Plan account.
The Special Retirement Catch-up Provision allows participants who have contributed less than the maximum limit in previous years to contribute up to double the regular deferral maximum in the three years prior to the individual's elected normal retirement age.
To stay up-to-date on any changes to the IRS deferral limits, visit the Retirement Plans Community on the IRS website.
Get the help you need
Talk with one of our Account Executives for more information about planning for your retirement.
1https://www.irs.gov/newsroom/income-ranges-for-determining-ira-eligibility-change-for-2021
You are going to a page that is not part of this website
We make no endorsement of its content or guarantee of its accuracy. If the Continue button does not work, the page may have been moved or removed.
Please consider logging out of your account before you proceed.