IRS Contribution Limits
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.
2016 and 2017 Deferral Limits
|Age 50+ Catch-up||$6,000|
|Special 457 Catch-up||up to $36,000|
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.
How much should I contribute?
Look at how much you would need to contribute each pay period if your goal is to contribute $17,500 for the year.
|Weekly (52 pays)||$336.53|
|Bi-weekly (26 pays)||$673.07|
|Semi-monthly (24 pays)||$729.16|
|Monthly (12 pays)||$1,458.33|
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.