To begin or change your contributions to your 457(b) plan, you should contact your employer. Most 457(b) plans allow you to increase, decrease, stop and restart contributions as often as you wish, without fees or penalties. You may defer each year a maximum of 100% of your gross compensation* or an annual dollar limit, whichever is less. Please visit www.missionsq.org/contributionlimits to view current year contribution limits.

Contribution limits increase in $500 increments to correspond with inflation rate increases (the limits will not necessarily increase every year).

* Your gross compensation must first be reduced by any mandatory pre-tax ("picked-up") employee 401 plan contributions.

Catch-Up Provisions

The 457(b) plan offers two "Catch-Up" provisions which allow you to contribute over-and-above the normal annual contribution amount.

The normal (or "pre-retirement") catch-up provision allows you to make additional contributions to make up for years in which you did not contribute the maximum that you were eligible to contribute under your current employer's 457(b) plan.

The age 50 catch-up provision allows you to contribute an additional annual amount when you reach age 50 or older. Participants aged 60, 61, 62 and 63 can contribute an additional amount on top of the normal (not age-50) limit*.

"Pre-Retirement" Catch-Up

Please visit www.missionsq.org/contributionlimits to view current year pre-retirement catch-up contribution limits. 

Contribution limits increase in $500 increments to correspond with inflation rate increases (the limits will not necessarily increase every year).

"Age 50" Catch-Up

Please visit www.missionsq.org/contributionlimits to view current year age 50 catch-up contribution limits.

For more information on either of the catch-up provisions, please review the 457(b) Deferred Compensation Plan Catch-Up Provision Packet (160K) or call MissionSquare Retirement Participant Services at 1-800-669-7400.

*As per a change via SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60, 61, 62 and 63. For 2025, this higher catch-up contribution limit is $11,250. This option is effective as of January 1, 2025 for plans that elect to adopt it. Limitations may apply as defined by the plan. Please contact your plan administrator should you require additional information.