Common use of Catch-Up Contributions Clause in Contracts

Catch-Up Contributions. Notwithstanding the election set forth in Box (A), Box (B) or Box (C) above, the amount of salary deferral1 shall be increased by the additional amount set forth below: (i) $ for individuals who are in one of the last three years prior to normal retirement age. (ii) the maximum amount permitted by law for individuals who are in one of the last three years prior to normal retirement age. The plan contains a special "catch-up" provision for Employees approaching Normal Retirement Age (age 65). This "catch-up" provision is available in each of the three consecutive calendar years immediately prior to the calendar year in which the Employee turns 65. Employees are eligible to use this provision if they did not defer the maximum amount allowed by law in one or more of the years they were eligible to participate in the plan. The maximum annual catch-up contribution allowed in each of these three years is the lesser of: 1. the plan year’s annual contribution limit ($19,500 in 2020), or 2. the total amount of underutilized contributions from prior years the Employee was eligible to participate in the Research Foundation of CUNY 457(b) plan. The total amount of underutilized contributions is calculated by taking the IRS maximum contribution for each year, and subtracting the amount the Employee actually contributed to the plan that same year. The differences for each year are then totaled to establish the limit.

Catch-Up Contributions. Notwithstanding the election set forth in Box (A), Box (B) or Box (C) above, the additional amount of salary deferral1 shall deferral1shall be increased by the additional amount set forth below:. (i) $ for individuals who are in one of the last three years threeyears prior to normal retirement age. (ii) the The maximum amount permitted by law bylaw for individuals who are in one of the last three years prior to normal retirement age. The plan contains a special "catch-up" provision for Employees approaching Normal Retirement Age (age 65). This "catch-up" provision is available in each of the three consecutive calendar years immediately prior to the calendar year in which the Employee turns 65. Employees are eligible to use this provision if they did not defer the maximum amount allowed by law in one or more of the years they were eligible to participate in the plan. The maximum annual catch-up contribution allowed in each of these three years is the lesser of: 1. the The plan year’s annual contribution limit ($19,500 18,500 in 20202018), or 2. the The total amount of underutilized contributions from prior years the Employee was eligible to participate in the Research Foundation of CUNY 457(b) plan. The total amount of underutilized contributions is contributionsis calculated by taking bytaking the IRS maximum contribution for each year, and subtracting the amount the Employee actually contributed to the plan that same year. The differences for each year are then totaled to establish the limit.

Catch-Up Contributions. Notwithstanding the election set forth in Box (A), Box (B) or Box (C) above, the amount of salary deferral1 shall be increased by the additional amount set forth below: (i) $ for individuals who are in one of the last three years prior to normal retirement age. (ii) the maximum amount permitted by law for individuals who are in one of the last three years prior to normal retirement age. The plan contains a special "catch-up" provision for Employees approaching Normal Retirement Age (age 65). This "catch-up" provision is available in each of the three consecutive calendar years immediately prior to the calendar year in which the Employee turns 65. Employees are eligible to use this provision if they did not defer the maximum amount allowed by law in one or more of the years they were eligible to participate in the plan. The maximum annual catch-up contribution allowed in each of these three years is the lesser of: 1. the plan year’s annual contribution limit ($19,500 in 20202021), or 2. the total amount of underutilized contributions from prior years the Employee was eligible to participate in the Research Foundation of CUNY 457(b) plan. The total amount of underutilized contributions is calculated by taking the IRS maximum contribution for each year, and subtracting the amount the Employee actually contributed to the plan that same year. The differences for each year are then totaled to establish the limit.

Catch-Up Contributions. Notwithstanding the election set forth in Box (A), Box (B) or Box (C) above, the amount of salary deferral1 shall be increased by the additional amount set forth below: (i) $ for individuals who are in one of the last three years prior to normal retirement age. (ii) the maximum amount permitted by law for individuals who are in one of the last three years prior to normal retirement age. The plan contains a special "catch-up" provision for Employees approaching Normal Retirement Age (age 65). This "catch-up" provision is available in each of the three consecutive calendar years immediately prior to the calendar year in which the Employee turns 65. Employees are eligible to use this provision if they did not defer the maximum amount allowed by law in one or more of the years they were eligible to participate in the plan. The maximum annual catch-up contribution allowed in each of these three years is the lesser of: 1. the plan year’s annual contribution limit ($19,500 22,500 in 20202023), or 2. the total amount of underutilized contributions from prior years the Employee was eligible to participate in the Research Foundation of CUNY 457(b) plan. The total amount of underutilized contributions is calculated by taking the IRS maximum contribution for each year, and subtracting the amount the Employee actually contributed to the plan that same year. The differences for each year are then totaled to establish the limit.

Catch-Up Contributions. Notwithstanding the election set forth in Box (A), Box (B) or Box (C) above, the amount of salary deferral1 shall be increased by the additional amount set forth below: (i) $ for individuals who are in one of the last three years prior to normal retirement age. (ii) the maximum amount permitted by law for individuals who are in one of the last three years prior to normal retirement age. The plan contains a special "catch-up" provision for Employees approaching Normal Retirement Age (age 65). This "catch-up" provision is available in each of the three consecutive calendar years immediately prior to the calendar year in which the Employee turns 65. Employees are eligible to use this provision if they did not defer the maximum amount allowed by law in one or more of the years they were eligible to participate in the plan. The maximum annual catch-up contribution allowed in each of these three years is the lesser of: 1. the plan year’s annual contribution limit ($19,500 23,000 in 20202024), or 2. the total amount of underutilized contributions from prior years the Employee was eligible to participate in the Research Foundation of CUNY 457(b) plan. The total amount of underutilized contributions is calculated by taking the IRS maximum contribution for each year, and subtracting the amount the Employee actually contributed to the plan that same year. The differences for each year are then totaled to establish the limit.

Catch-Up Contributions. Notwithstanding the election set forth in Box (A), Box (B) or Box (C) above, the amount of salary deferral1 shall be increased by the additional amount set forth below: (i) $ for individuals who are in one of the last three years prior to normal retirement age. (ii) the maximum amount permitted by law for individuals who are in one of the last three years prior to normal retirement age. The plan contains a special "catch-up" provision for Employees approaching Normal Retirement Age (age 65). This "catch-up" provision is available in each of the three consecutive calendar years immediately prior to the calendar year in which the Employee turns 65. Employees are eligible to use this provision if they did not defer the maximum amount allowed by law in one or more of the years they were eligible to participate in the plan. The maximum annual catch-up contribution allowed in each of these three years is the lesser of: 1. the plan year’s annual contribution limit ($19,500 20,500 in 20202022), or 2. the total amount of underutilized contributions from prior years the Employee was eligible to participate in the Research Foundation of CUNY 457(b) plan. The total amount of underutilized contributions is calculated by taking the IRS maximum contribution for each year, and subtracting the amount the Employee actually contributed to the plan that same year. The differences for each year are then totaled to establish the limit.

Catch-Up Contributions. Notwithstanding the election set forth in Box (A), Box (B) or Box (C) above, the amount of salary deferral1 shall be increased by the additional amount set forth below: (i) $ for individuals who are in one of the last three years prior to normal retirement age. (ii) the maximum amount permitted by law for individuals who are in one of the last three years prior to normal retirement age. The plan contains a special "catch-up" provision for Employees approaching Normal Retirement Age (age 65). This "catch-up" provision is available in each of the three consecutive calendar years immediately prior to the calendar year in which the Employee turns 65. Employees are eligible to use this provision if they did not defer the maximum amount allowed by law in one or more of the years they were eligible to participate in the plan. The maximum annual catch-up contribution allowed in each of these three years is the lesser of: 1. the plan year’s annual contribution limit ($19,500 23,500 in 20202025), or 2. the total amount of underutilized contributions from prior years the Employee was eligible to participate in the Research Foundation of CUNY 457(b) plan. The total amount of underutilized contributions is calculated by taking the IRS maximum contribution for each year, and subtracting the amount the Employee actually contributed to the plan that same year. The differences for each year are then totaled to establish the limit. Employees calculating their catch-up contribution should seek assistance from the Plan Administrator, to ensure that amount elected does not exceed limits applicable to the individual situation.