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Special 457(b) catch-up contributions
We are setting up a new 457(b) retirement plan. We have a provision for Special 457(b) catch-up contributions to allow a participant for 3 years prior to the normal retirement age (specified in the plan) to contribute the lesser of:
- Twice the annual limit ($37,000 in 2018), or
- The basic annual limit plus the amount of the basic limit not used in prior years.
We believe we can set this up to use the catch-up type as "Retirement and General Catchup". However, we don't know how to handle this different age requirement and the 3 year rule if the individual elects this special catch-up.
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