Getting Closer to Retirement? Need to Save More?

In For Retirees by rapsheet

The annual plan limit for the City’s deferred compensation plan is $17,500.  If you are over age 50, take advantage of the Over 50 Catch Up Option.  It’s another $5,500 a year, up to $23,000 for 2014.  In addition, the City allows for a 3 Year Catch Up Provision.  If eligible, you may elect to defer twice the Normal Limitation up to $35,000 a year for the three years prior to your normal retirement age.  The Catch Up Calculation allows you to make up for years as a City employee where you did not contribute to deferred comp or did not contribute the maximum deferral.  Both the Over Age 50 or the Three Year Catch Up require an election form.  To increase your payroll contribution, you will need to complete the City’s Participation form as well.

Going to Retire Soon? The City now allows you to defer your vacation and eligible comp hours from your Final Paycheck up to the Annual Limit. There is a Final Paycheck election form that needs to be submitted prior to the 15th of the month, the month prior to your retirement.

Please contact the local ING office for the forms and any other questions you might have regarding your account., or 503.937.0378.