Employees may be able to contribute two times the normal limit in the three calendar years ending before the year in which they attain Normal Retirement Age but no later than age 70 ½. The Special Catch-up limit has increased to $46,000 for 2024. If you are 50 or older at the end of the calendar year, you may also be eligible for an additional “catch-up” contribution of up to $7,500 in 2024. If you are eligible for both catch-up provisions, only the most generous catch-up provision for which you qualify will apply. Approval by CMS or SURS is required, depending on which plan you have.
For more information, please visit the following websites:
State of Illinois – CMS Deferred Compensation Plan
SURS - Deferred Compensation Plan - SURS
IMPORTANT: If you contribute to a retirement plan through another employer in any calendar/tax year, you are responsible for monitoring your total contributions to all plans to ensure that you do not contribute over the IRS maximum allowed each year.
