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Deferred Compensation

Contribution Limits

Contribution limits are determined by the Internal Revenue Service (IRS).

Limitations 2024
457
Annual Deferral Limit for 457 Plans $23,000
“Pre-Retirement” Catch-Up Limit

$23,000
($46,000 total) 

“Age 50” Catch-Up Limit

$7,500

401
401 Defined Contribution Plans – Annual Additions (§415(c)(1)(a)) $69,000
401 Defined Benefit Plans – Maximum Annual Benefit* (§415(b)(1)(a)) $275,000
401 Annual Compensation Limit** (non-grandfather/grandfather) (§401(a)(17)) $345,000/$505,000
Annual Deferral Limit for 401(k) Plans (§402(g)) $23,000
401(k) “Age 50” Catch-Up Limit (§414(v)) $7,500
($30,500 total)
IRA
Maximum Annual Addition $7,000
“Age 50” Catch-Up Limit $1,000
($8,000 total)

* Special limitations apply to defined benefit plans. Please contact your defined benefit plan administrator should you require additional information.

**OBRA 1993 provided a governmental exception for the maximum compensation limit that grandfathers certain employees under the 1993 compensation limit of $235,840. Employees eligible to participate in a governmental plan, utilizing the ICMA-RC plan document, prior to January 1, 1994, are subject to the maximum compensation limit of $235,840 as indexed and shown above as the “grandfather” limit. Employees eligible to participate in a governmental plan, utilizing the ICMA-RC plan document, after January 1, 1994, are subject to the maximum compensation limit of $150,000 as indexed and shown above as “non-grandfather” limit.

Roth IRA

Cobb County offers a Roth IRA administered by MissionSquare Retirement. Saving through a Roth IRA allows employees to withdraw earnings on a tax-free basis, assuming certain conditions are met. Employees have access to their principle savings anytime without taxes or early withdrawal penalties.

Eligible Employees Full and part time
Minimum Contribution $10 per bi-weekly (post-tax)
Maximum Contribution Per IRS regulations currently $7,000 under age 50, and $8,000 for those 50 or older annually
Enrollment Period Year-Round
Principal Withdrawal Period Year-Round
Principal and earnings withdrawal age restriction Principal can be withdrawn at any time without penalty
To withdraw earnings, must be age 59 1/2 and have a minimum of 5 years in plan
Group # 705408  

Questions?

MissionSquare Retirement
https://www.missionsq.org/
800-669-7400

Make an Appointment with a MissionSquare Retirement Representative

Danny Kierath
202-759-7051
dkkierath@missionsq.org

Jack Fessler
202-759-7186

Human Resources Benefits Division
770-528-2541