Supplemental Retirement Annuity (SRA)
The Supplemental Retirement Annuity (SRA) deferral limits have increased for the calendar year 2018. Therefore, if you are under the age of 50, you may contribute up to $18, 500 in 2018. The age 50 and over catch up limit is $6,000. If you are over age 50 you may contribute $18,500, plus an additional $6,000 for a total of $24,500 in 2018. The following information is provided to assist you as you consider starting, maintaining or increasing your contributions.
Employees may begin or continue current deductions to either a 401(k) or a 403(b) plan and, in addition, open a 457(b) plan to defer income beyond the maximum permitted with either the existing 401(k) or 403(b) plans. Contributions up to the maximum can be made to both plans [i.e., $18,500 plus $6,000 ($24,500), if over age 50, to the 401(k) or the 403(b), and an additional $18,500 plus $6,000 ($24,500), if over age 50, to a 457(b)]. You may maximise your deferral amount by using the following chart:
| Pay Frequency | If you are under age 50 $18,500 | Age 50 and over $18,500 + $6,000 |
|
Biweekly (26 pays) |
$711.53 |
$942.30 |
|
Biweekly (22 pays) |
$840.90 |
$1,113.63 |