In 2018, the maximum amount that you can contribute into the Dauphin County, PA Deferred Compensation Plan will increase from $18,000 to $18,500. The catch-up contribution for those age 50 or older in 2018 is an additional $6,000 for a combined maximum contribution limit of $24,500. Over 26 pays, the per pay limit would be:
$18,500 - $104 (employer contribution) = $18,396 / 26 = $707.53
$24,500 - $104 (employer contribution) = $24,396 / 26 = $938.30
If you would like to maximize your contributions for 2018, you can submit payroll deduction changes in December. Payroll deduction changes can be made any time throughout the year and will take effect the first pay of the month after submitting the change request - submissions in December will take affect in January.
Payroll deduction changes can be made on the Alerus participant website or by contact HR. If you have any questions, Contact Us.