What is the maximum I can contribute to my Deferred Compensation Plan?
• If you are under the age of 50 you may contribute up to $15,500.00. • If you are over the age of 50 or will turn 50 in the calendar year you may contribute up to$20,500. These amounts include your city contribution if applicable. What is the three year “Catch-Up” provision? This provision allows you the opportunity to make additional contributions to your deferred compensation account to make up for years you did not contribute the maximum amount. You are required to use the provision beginning three years prior to your declared retirement age, and may not start in the year you are retiring. Forms can be obtained from the Benefits Division. Benefits Staff will verify your eligibility to participate in the plan and the amount that you will be allowed to contribute. How often can I change my contributions? You can change, stop and start deferrals anytime of the year. Can I change my provider during the year? Yes, you can change providers anytime of the year, however, be aware that cert
