Deferred Compensation Unit

Catch-up contributions

If you are contributing the maximum under age 50 amount ($15,500 in 2008), and you are 50 years of age or older during the calendar year, you may make an additional $5,000 contribution by utilizing the age 50 Plus Catch-Up.  In addition, during one or more of the last 3 years before normal retirement age, you may be able to contribute up to double the normal maximum contribution by utilizing the 3 Year Limited Catch-up Program. 

You may use only one of the Catch-Up provisions, age 50 Plus, or the 3 Year Limited Catch-Up in a given year. 

Age 50 Plus Catch-Up

If you have reached age 50 or will reach 50 during the calendar year January 1— December 31 and are making the maximum 457(b) IRS pretax contribution, you may make an additional catch-up contribution each pay period.  The maximum annual 50 Plus Catch-up contribution is $5,000 in 2008.  Going forward, catch-up contribution limits will be subject to cost of living adjustments in $500 increments.  Catch-up contributions are made through payroll deduction, the same way you make regular contributions.  Contact Fidelity Investments at 1-800-343-0860 or www.fidelity.com/atwork to increase your bi-weekly deduction.  There are no forms needed for Age 50 Plus Catch-Up.

3 Year Limited Catch-Up Program

You may elect to make a 3 Year Limited Catch-Up contribution of up to double the deferral limit per year for three consecutive years.  This Program may be used in one or more of the three consecutive years prior to the year in which you attain normal retirement age under the plan.  This option gives you an opportunity to catch up on contributions you could have made but did not make in previous years.  You must contact the Deferred Compensation Office to sign up for or to obtain information about this Program. 

You may use only one of the Catch-Up provisions, age 50 or 3 Year Limited Catch-Up, in a given year. 

3 Year Limited Catch-Up Forms 

3 Year Limited Catch-Up Program Verification Form

3 Year Limited Catch-Up Program Enrollment Form

To Contact a Deferred Compensation Technician:

Phone: 916-874-2020
Fax: 916-874-8419
E-mail: PSDBenefits@saccounty.net

Interoffice Mail Code: 09-6750

To Contact Fidelity Investments:

Phone: 800-343-0860
Website: www.fidelity.com/atwork

Inquire about the availability of documents in alternate formats.