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 increased by $500, while the Roth and Traditional IRA limits remain unchanged from those in 2020.
The annual contribution limit for the 457 Deferred Compensation Plan is $19,500 ($26,000 if age 50 or over; or $39,000 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 $6,000. The additional catch-up contribution limit if over age 50 remains $1,000.
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.
If you have any questions, please contact a representative of the Health & Benefits Office at 301-454-1694.