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Deferred Compensation

Contribution Limits

Contribution limits are determined by the Internal Revenue Service (IRS). The table below shows the retirement plan contribution limitations applicable for 2019.

Limitations 2019 2018 2017
457
Annual Deferral Limit for 457 Plans $19,000 >$18,500 $18,000
“Pre-Retirement” Catch-Up Limit $19,000
($38,000 total)
$18,500
($37,000 total)
$18,000
($36,000 total)
“Age 50” Catch-Up Limit $6,000
($25,000 total)
$6,000
($24,500 total)
$6,000
($24,000 total)
401
401 Defined Contribution Plans – Annual Additions (§415(c)(1)(a)) $56,000 $55,000 $53,000
401 Defined Benefit Plans – Maximum Annual Benefit* (§415(b)(1)(a)) $225,000 $220,000 $210,000
401 Annual Compensation Limit** (non-grandfather/grandfather) (§401(a)(17)) $280,000/
$415,000
$275,000/
$405,000
$265,000/
$395,000
Annual Deferral Limit for 401(k) Plans (§402(g)) $19,000 $18,500 $18,000
401(k) “Age 50” Catch-Up Limit (§414(v)) $6,000
($25,000 total)
$6,000
($24,500 total)
$6,000
($24,000 total)
IRA
Maximum Annual Addition $6,000 $5,500 $5,500
“Age 50” Catch-Up Limit $1,000
($7,000 total)
$1,000
($6,500 total)
$1,000
($6,500 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 ICMA Retirement Corporation. 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 $5,000 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?

ICMA Retirement Corporation
icmarc.org
(800) 669-7400

Make an Appointment with an ICMA-RC Representative

Melissa Doughty (Public Safety Employees)
(866) 328-4673
(202) 288-7820 (Cell)
[email protected]

Human Resources Benefits Division
(770) 528-2541