Lake Mary 457 Enrollment - Web Book - Ready - Flipbook - Page 4
CONTRIBUTIONS
How much can I contribute to the Plan?
You may contribute between 1 percent and 100 percent of your before-tax pay
in increments of 1 percent. This amount may not exceed the maximum
allowed by the IRS ($22,500 in 2023).
If you are 50 years or older, you can also make “catch-up” contributions of up
to $7,500 in 2023.
Your Plan contributions will be automatically deducted from your pay before
taxes are taken out. This process of investing on a pretax basis helps you save
for the future while reducing the taxes you pay now.
What else should I know about contributions?
PLAN HIGHLIGHTS
Ownership of your Plan account is called vesting. You are always 100% vested
in both your contributions and the earnings on those contributions. This
money is yours.
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