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.
2008 is a leap year that includes 27 pay periods
(one additional pay period from 2007) Click
the link for the 2008 payroll schedule.
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.
Click for more information about:
Distribution Options For Your Suffolk County 457 Plan Account.
Roll Over Options Chart - A chart showing the most popular options for rolling money into or out of the plan.
Stock Exchange (NYSE) 2008 Holiday Schedule
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