Under Section 457 of the Internal Revenue Code and ORS 243.400-243.495, if you are approaching retirement, OSGP is authorized to allow you to defer more than the normal annual limit. There are two ways to increase your deferrals:
50-Plus Catch-Up | If you are age 50 or older, you are eligible to defer under this provision. You must turn age 50 on or before December 31 of the year in which you begin participating in the 50-Plus Catch-Up provision. You may contribute up to an additional $5,500 if you are eligible. |
3-Year Catch-Up | If you have not deferred the maximum regular deferral amount allowed in prior years and are planning to retire with unreduced benefits, you can use the 3-Year Catch-Up provision. The earliest you can participate in this provision is three years immediately preceding (not during) the year of your normal retirement under PERS. You may be eligible to contribute as much as double the normal limit ($35,000 in 2013) for those three years. |
To learn more about the two catch-up provisions or to enroll, click the Form button to download the Catch-Up Information Packet.
