CATCH-UP CONTRIBUTIONS. Under the Plan, if you are over 50, of if you turn 50 in the calendar year, you can make a $7,500 catch-up contribution as an additional elective deferral. Under a new law, if you turn 60, 61, 62, or 63 in 2025, that amount is increased by 50%. In the year you turn 64, the maximum catch-up returns to the regular dollar limit.
Example 1: Participant turns 50 on December 1, 2025, their catch-up is $7,500 in 2025.
Example 2: Participant turns 60 on December 1, 2025, their catch-up is $11,250 in 2025.
Example 3: Participant turns 63 on December 1, 2025, their catch-up is $11,250 in 2025.
Example 4: Participant turns 63 on December 1, 2024, their catch-up is $7,500 in 2025.