The 2019 contribution limits were just updated, and the 457(b) contribution limit increased from $18,500 in 2018 to $19,000 in 2019.
There is no change to the 50 and older catch-up contribution, which remains at $6,000. If you are 50 years or older in 2019, you will be able to contribute a maximum amount of $25,000 in 2019.
The Special 457(b) Catch-Up Contribution will increase to $38,000 in 2019.
If you would like to max out your payroll contribution, don’t forget you must add Dauphin County’s employer contribution of $4 per year. Also, when you submit your payroll deduction change, it will take place the first pay of the following month. To have your payroll deduction updated for January, you must submit your payroll deduction change by the end of December 2018.
Payroll deduction changes can be made on the Alerus participant website or by contacting HR. If you have questions regarding your account or payroll deductions, please Contact Us.