Deferred Compensation Form For Independent Contractors In Ohio
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Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
A government 457(b) deferred compensation plan is a voluntary retirement savings plan that allows eligible employees to supplement any existing retirement/pension benefits by saving and investing pre-tax dollars through payroll deferrals.
Deferred Compensation is an extra tool public employees can use to prepare for retirement. Ohio Deferred Compensation is a supplemental 457(b) retirement plan for all Ohio public employees.
The Ohio Deferred Compensation program offers a flexible and tax-advantaged way for state and local government employees to supplement their retirement savings. With options for both pre-tax and Roth contributions, participants can tailor their approach to suit their financial goals and tax preferences.
How much can I contribute? Traditional 457(b) 2025 Annual Regular Limit $23,500 (total limit includes both traditional and Roth contributions) 2025 Annual Age 50+ Catch-up Limit $31,000 (total limit includes both traditional and Roth contributions)7 more rows
Withdrawals may begin after ending your employment and the Program's receipt of your employer's verification that employment ended, final contribution, and the Withdrawal Election form. Distributions must satisfy certain minimum requirements after reaching the age required by the IRS.
Beginning in the calendar year you turn age 60, 61, 62 or 63 you can contribute $34,750. When you turn age 64, your contribution limit reverts to the Age 50+ catch-up amount.
How much can I contribute? Traditional 457(b) Taxation Before tax; reduces current income tax; taxes are deferred until distribution 2025 Annual Regular Limit $23,500 (total limit includes both traditional and Roth contributions)7 more rows