Employees may be able to contribute two times the normal limit in the 3 calendar years ending before the year in which they attain Normal Retirement Age but no later than age 70 ½. The Special Catch-Up limit has increased to $47,000 for 2025. If you are age 50 or older at the end of the calendar year, you may also be eligible for an additional “catch-up” contribution of up to 7,500 in 2025. If you are eligible for both catch-up provisions, only the most generous catch-up provision for which you qualify will apply. Approval by CMS or SURS is required, depending on which plan you have. For more information, please visit the following websites:
State of Illinois – CMS Deferred Compensation Plan
SURS - Deferred Compensation Plan
IMPORTANT: If you contribute to a retirement plan through another employer in any calendar/tax year, it is your responsibility to monitor your total contributions to all plans to ensure that you do not contribute over the IRS annual limit each year.
