The Internal Revenue Service (“IRS”) has announced the 457(b) plan deferral limits for 2025, and the limits have increased.
► Please see the chart by clicking here to determine what your contribution limit will be for 2025.
► Announcing a New Contribution Limit for Employees Ages 60-63!Beginning January 1, 2025, a new IRS limit will be implemented for employees turning 60, 61, 62 or 63 in calendar year 2025. This new limit is similar to the existing limit for employees ages 50 and over, in that the higher limit will automatically be used based on your age and you do not need to apply. In the year that you turn 64, you will return to the age 50+ limit.
The County’s payroll system, Workday, is programmed not to exceed the applicable annual contribution limits. Plan participants wishing to increase or decrease their base/salary, special or longevity contribution amounts must contact T. Rowe Price directly to do so, by either calling 1-888-457-5770, logging into your account at rps.troweprice.com, or logging into your account using the T. Rowe Price Personal® App. Changes made through T. Rowe Price will be transmitted periodically to the County (into Workday).
► Not saving in the Plan yet? The Plan’s website, scdeferredcomp.org contains all Plan information, a link to enroll online, or the ability to download/print an enrollment form.
► If you have any questions, please reach out to your Deferred Comp Board Representative:Association of Municipal Employees – AnaMarie Cucciniello AME Office: 631-589-8400Email: ACucciniello@scame.org