|
|
|
Date:
|
01/02/2009
|
|
Headline:
|
IRS Announces 457 Retirement Plan Limits for 2009
|
|
News:
|
The maximum allowable amount an employee can contribute for 2009 is $16,500 per year. Employees 50 years of age and older can contribute another $5,500 (with the maximum being $ 22,000 per year) for the catch up contribution limit.
Oklahoma County makes no contribution to this elective benefit. Employees may chose to set up a payroll deduction for any of the three 457 Deferred Compensation Plans offered by the County. Those vendors are The Hartford, Nationwide and InvesTrust 457. An employee may enroll in any of the plans as soon as full-time employment status is achieved. Once an employee has enrolled in the plan, he/she cannot withdraw the money from their account until termination of employment, retirement or if an unforeseen emergency has occurred. Unforeseen Emergency Applications must meet IRS code guidelines and must be submitted before the Oklahoma County Retirement Board for approval.
Please visit the County Clerk's HR/Benefits Department at 320 Robert S. Kerr, Room 203, OKC, OK 73102, call (405) 713-1535 or email ccajespr@oklahomacounty.org for more information.
|
|
|
