Participants who make elective deferrals under an employer plan and have attained age 50 are eligible to make additional contributions above their normal Deferral Limit.
- What type of plans may permit catch-up contribution?
If elected under the terms of the plan, the following plans may allow for catch-up contributions: 401(k) plans – including safe harbor: 401(k) and SIMPLE-401(k) plans; Section 403(b) plans; Governmental 457(b) plans; SARSEPs and SIMPLE-IRAS
- When does a participant attain age 50?|
A participant must be at least 50 years old by the end of the calendar year. For example, if you are a participant eligible to defer under a 401(k) arrangement and are born on August 1, 1969 you are catch-up eligible effective January 1, 2019.