The Supplemental Retirement Annuity (SRA) deferral limits have increased for calendar year 2018. Therefore, if you are under the age of 50, you may contribute up to $18,500 in 2018. The age 50 and over catch up limit is $6,000. If you are over age 50 you may contribute $18,500, plus an additional $6,000 for a total of $24,500 in 2018. The following information is provided to assist you as you consider starting, maintaining or increasing your contributions.
Employees may begin or continue current deductions to either a 401(k) or a 403(b) plan and, in addition, open a 457(b) plan to defer income beyond the maximum permitted with either the existing 401(k) or 403(b) plans. Contributions up to the maximum can be made to both plans [i.e., $18,500 plus $6,000 ($24,500), if over age 50, to the 401(k) or the 403(b), and an additional $18,500 plus $6,000 ($24,500), if over age 50, to a 457(b)]. You may maximize your deferral amount by using the following chart:
|Pay Frequency||If you are under age 50 $18,500||Age 50 and over
$18,500 + $6,000
|Biweekly (26 pays)||$711.53||$942.30|
|Biweekly (22 pays)||$840.90||$1,113.63|
This chart assumes that the deferral election is effective the first pay period in 2018 (pay period ending January 6, 2018).
Last updated: October 31, 2017