What is catch up?
There are two forms of “catch up”- regular and 50+. Regular catch up is allowed in the last three years before the year you plan to retire. To be eligible for catch up you must have been eligible to participate in a qualified 457 plan and did not defer the maximum amount you were allowed. Call Multnomah County Deferred Compensation (503-988-5016) and let them know you are interested in doing catch up. If you have never worked for an employer that had a 457 plan, we will research your records with Multnomah County and determine what amount, if any, you are eligible to catch up. If you worked for another government agency that had a 457 plan, you must provide documentation that shows you were eligible but didn’t participate or did not have the maximum deduction you were eligible to take (W2’s are usually sufficient for this purpose). 50+ catch up is available the year during which you turn 50. Click here for more information.
