Plan limits will be the same as 2016
- Minimum per pay contribution - $10 per pay
- Maximum annual contribution - $18,000
- Catch-up Contribution - $6,000 (for participants who are age 50 or older in 2017
There is also a 457(b) special catch-up contribution, which may allow employees close to retirement to contribute more than the $24,000. Contact us for more information on the special 457(b) catch-up contribution.
If you are trying to maximize your contributions, you should use the following calculation:
- Maximum contribution - Employer contribution / number of pays
- Example $24,000 - $104 / 26 pays = $919.07
Changing your payroll deduction
- You can access the participant website, stop by HR for a form, or call Alerus (800-795-2697) to change your payroll deduction.
- Unlike other voluntary benefits, changes may be made throughout the year.
- When you update your contribution elections, changes will be made in the first pay of the month following the submission of your request.
Pre-Tax or Roth 457(b) Contributions
Remember, contributions can be either, or both Pre-Tax or Roth contributions. You can learn more here.