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Allowable Deferral Amounts
You may contribute a maximum of 100 percent of allowable compensation or the maximum listed in the following table to your 457 Plan account:
| Year | Maximum | Age 50+ | Std-Catchup |
|---|---|---|---|
| 2003 | $12,000 | $2,000 | $24,000 |
| 2004 | $13,000 | $3,000 | $26,000 |
| 2005 | $14,000 | $4,000 | $28,000 |
| 2006 | $15,000 | $5,000 | $30,000 |
| 2007 | $15,500 | $5,000 | $31,000 |
| 2008 | $15,500 | $5,000 | $31,000 |
| 2009 | $16,500 | $5,500 | $33,000 |
2007 - 2010: Increases are calculated based on the rate of inflation and, if granted, are in $500 increments. |
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Notes:
- Employee salary deferrals to the 457 Plan made through payroll deduction and employer discretionary contributions to the employee's 457 Plan account count toward the maximum deferral amount allowed for the year.
- Employer contributions to the Virginia Cash Match Plan and rollovers from other 457(b) government plans do not count toward the 457 Plan maximum deferral amount.
- The beginning date of the 457 Plan was July 1, 2008.
- Participants wishing to use the Standard Catch-Up must complete a Normal Retirement Age Election form, a Catch-Up Credit Worksheet and a payroll authorization form available from the plan Web site at www.vadcp.com.
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