Suffolk County Deferred Compensation Plan

The Suffolk County Public Employees Deferred Compensation Plan is a voluntary supplemental government 457 (b) savings program that provides quality investment options to help county employees achieve their retirement goals.

The Suffolk County Public Employees Deferred Compensation Board provides prudent oversight of the program for the benefit of plan participants and their beneficiaries.

Deferral, catch-up limits for 2008 unchanged from 2007!
Governmental 457 (b) plan deferral limits for 2008 have been announced by the Internal Revenue Service and remain unchanged from 2007 limits. The normal annual maximum deferral limit for 2008 remains at $ 15,500. The Age 50 Plus contribution limit for 2008 remains at $5,000. Maximum catch-up for 2008 remains at $31,000. (Normal Contributions and Retirement Catch-up combined). As in prior years, Age 50 Plus Contributions and Retirement Catch-up cannot be deferred in the same calendar year.

Important Update:

Due to a modification in the final 415 Regulations published in late spring, the time constraints to defer from a SCAT check (final accruals check) have been relaxed. The contributions from a SCAT check no longer have to be made within 2 ½ months of severance of employment . Effective July 1, 2007, post-severance contributions elected by a participant must be deferred by the later of 2 ½ months or the end of the calendar year. To illustrate, if a participant retired in July 2007, the contributions from the SCAT check must be forwarded to the Provider by December 31, 2007. However, if a participant retires on December 1, 2007, his contribution can be forwarded until mid-February 2008. In the latter situation, the 2008 deferral limits would apply.

As a reminder, any County employee who would like to defer their separation pay must be an active member of the Deferred Compensation Plan for at least six months In addition, you must submit an application for any SCAT deferrals no later than 30 days before your retirement date.