The Maryland National Capital Park and Planning Commission (M-NCPPC) designs, develops and administers quality, cost-effective benefit programs. The agency offers our employees a competitive benefits package.
The annual contribution limits for the 457 Deferred Compensation Plan and the Roth and Traditional IRA remain unchanged from those in 2016.
The annual contribution limit for the 457 Deferred Compensation Plan remains $18,000 ($24,000 if age 50 or over; or $36,000 if qualified for the pre-retirement catch-up). Your contributions are made on a pre-tax basis which reduces your taxable income at the end of the year.
Contributions to the Roth IRA or the Traditional IRA are made on an after-tax basis. The annual contribution limit remains $5,500 ($6,500 if age 50 or over).
As we usher in a new year, take time to review your retirement savings accounts to determine if you are on track for a comfortable retirement. You can make changes to your contributions at any time during the year. If you have questions concerning your accounts, contact ICMA-RC at 800-669-7400.