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Can I contribute more if I am nearing retirement? |
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If you are age 50 or older, you may contribute an additional $5,500, for a total of $22,500 in 2012.
In addition, a Catch-Up provision allows you to make up for under-used deferrals by
allowing twice the normal limit for the three consecutive calendar years prior to
your normal retirement age. Normal retirement age is generally the age at which you
are eligible to collect a full pension benefit. You cannot combine the Catch-Up provision
with the age 50 and over contribution limit. For more information, or to request the
Catch-Up Rules and Election brochure, call anMSRS Representative at
1-800-657-5757,
option 3.
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