Catch-Up Provisions May Help You Invest More
If you're getting close to retiring but feel like you need to invest more for retirement, learn about the catch-up contribution provisions that are available under the Plan.
Two ways to catch-up
There are two catch-up provisions that allow you to contribute more than the standard annual deferral limits if you're close to retirement and eligible. You can only use one of these catch-up options at a time, so consider which would work best for your personal situation.
- Age 50 and Over Catch-Up – In a year when you're age 50 or older, you can defer up to $6,000 over the normal deferral limit to the Plan. Just fill out and return the Age 50 and Over Catch Up form (PDF) to participate.
- Special Retirement Catch-Up – If you're within the three years prior to your designated Normal Retirement Age*, you may be eligible to defer additional money into the Plan. You may make this election only once and it applies for three consecutive years prior to your designated Normal Retirement Age.
*Normal Retirement Age is typically the year you choose for the purpose of initiating your Special Retirement Catch-Up election. This date must:
- Occur no later than age 70½
- Be no earlier than the year you would be entitled to full retirement benefits with no benefit reduction for age or service
- Meet the parameters of Normal Retirement Age according to your pension plan
Note, participants must contact the HELPLINE to receive the Retirement Catch-Up Request Form. Call 1-800-422-8463.
Get the help you need
Talk with an Account Executive for more information on catch-up contributions for your Plan.