Minimum Contribution Limit
The minimum monthly contribution is $30 or 1% of your pretax income.
Maximum Contribution Limits
The maximum annual contribution limit is $19,500, which is equal to:
- $1,625 per month for 12 months for monthly payrolls
- $812 per 24 semi-monthly pay periods
- $750 per 26 bi-weekly pay periods
Participants age 50 and older: You're allowed an additional $6,500 for a maximum limit of $26,000.
Understanding your 2018 Form 1099-DIV
This is equal to:
- $2,166 per month for 12 months for monthly payrolls
- $1,083 per 24 semi-monthly pay periods
- $1,000 per 26 bi-weekly pay periods
Special Catch-up limit: In addition to the limits above, a Special Catch-up limit of $39,000 could be available to those participants nearing retirement.
To determine your eligibility, call DRS at 800-547-6657.
Special deferral limits: If you are under age 50 and want to defer over the monthly maximum of $1,625, or if you're 50 or older and want to defer over the maximum of $2,166, contact us for a Special Deferral form: 800-547-6657.
Can I continue contributing to DCP after I separate from employment? No, once you separate from service you can't continue contributing to DCP.