The new limit in 2019 was increased to $19,000 per year for normal contributions.
$25,000 for Age 50+ ($6000 over normal and no change in 2019)
$38,000 max per year in Catch Up
Catch Up for is up to 3 consecutive years based on your personal prior contributions
NOTE: You cannot do catch-up and the 50+ contribution in the same year.
Please contact Mike at the SOA office 654-0400 or via email email@example.com at for assistance with questions regarding catch up or when you plan on retiring as there are forms that need to be completed to maximize the amount you can tax defer.
For those planning catch up beginning in 2019, you should contact Mike to set up an appointment. You have time and this can be done in 2019 so long as the paperwork is completed prior to hitting the $19,000 normal limit. You will, however, need to change your bi-weekly contribution amount with T. Rowe Price, to reflect the additional funds that are needed to reach the allowable amount for 2019.
Paperwork needed by you for your appointment: NYS Retirement System Member Annual Statement. (See attachment below to see what this stetement looks like.) If you do not have it you can create an account online. You can use the link on the SOA website.
For those turning 50 in 2019, you should also be making a change to your bi-weekly amount to reflect the additional funds allowed to be contributed if you wish to avail yourself of the increase. No paperwork needs to be done to make these contributions.
If you are not in the deferred Compensation plan please contact Mike with any questions you have about this. It is a great program to shelter money and has numerous fund options.
401a – From SCAT Check for Retirees
The 2019 contribution has increased $1000 and is now at $56,000 maximum.