Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) legislation was enacted in the year 2001 to increase the maximum deferral limits for your 457 deferred compensation plan. Santa Barbara County incorporated the new limits that will increase each year.
457 Regular Deferred Compensation
| Year |
Limit
|
|
| 2015 |
$18,000.00 |
| 2016 |
$18,000.00 |
2017 |
$18,000.00 |
| 2018 |
$18,500.00 |
| 2019 |
$19,000.00 |
Age 50+ Catch-Up
| Year |
Limit |
Total - Age 50+ Catch-Up Plus Regular Deferral Amount |
|
| 2015 |
$6,000.00 |
$24,000.00 |
| 2016 |
$6,000.00 |
$24,000.00 |
| 2017 |
$6,000.00 |
$24,000.00 |
| 2018 |
$6,000.00 |
$24,500.00 |
| 2019 |
$6,000.00 |
$25,000.00 |
Please note that the Age 50+ Catch-Up provision is not available for any year in which the Pre-Retirement Catch-Up provision is utilized.
Pre-Retirement Catch-Up
| Year |
Underutilized Limit |
Total - Underutilized Limit Plus Regular Deferral Amount |
|
| 2015 |
$18,000.00 |
$36,000.00 |
| 2016 |
$18,000.00 |
$36,000.00 |
| 2017 |
$18,000.00 |
$36,000.00 |
| 2018 |
$18,500.00 |
$37,000.00 |
| 2019 |
$19,000.00 |
$38,000.00 |
Pre-Retirement Catch-Up Eligibility Criteria:
- General Members: 27 years of service credit or 47 years of age and seven years of service credit.
- Safety Members: 17 years of service credit or 47 years of age and seven years of service credit.
You may only catch-up on amounts that you could have deferred in past eligible years but did not. The maximum number of years you can go back and catch-up is the most recent of the following dates: The date you became eligible for the DCP, or the date the DCP was instituted by Santa Barbara County – November, 1981.