Retirement Savings Planning Guide
The Deferred Compensation Board is pleased to announce that the Retirement Savings Planning Guide is now updated with important features of the plan such as taking a loan from your account, applying for retirement catch up, distribution options and unforseeable emergency guidelines. This guide can be downloaded from this website by clicking on the link at the left. The guide will be printed and be made available to participants in the upcoming weeks. We hope that you will find this booklet both user-friendly and informative.
Deferral and Age 50 Contributions Limits
The 2010 elective deferral maximum limit for governmental 457(b) plans including the Age 50 contribution limit has remained the same as 2009:
| |
2010 |
2009 |
| 457(b) Elective Deferral |
$16,500 |
$16,500 |
| Age 50 Limit for 401(k)/403(b) and 457(b) Government Plans |
$5,500 |
$5,500 |
The 2010 normal deferral and the Retirement Catch-up limit also remain the same at $33,000. As in prior years, participants are not eligible to contribute to both Retirement Catch-up and Age 50 Contributions in the same calendar year.
If you have any questions, please contact your Union Board representative (see listing on this site) or leave a message at 853-5424.