La. Admin. Code tit. 32 § VII-303
Current through Register Vol. 50, No. 9, September 20, 2024
Section VII-303 - Deferral LimitationsA. Except as provided in §305. A 1-2.a-b, the maximum that may be deferred under the plan for any taxable year of a participant shall not exceed the lesser of: 1. the applicable dollar amount in effect for the year, as adjusted for the calendar year in accordance with IRC §457(e)(15) [After 2006, the dollar amount is adjusted for cost-of-living under Code §415(d)]; or2. 100 percent of the participant's includible compensation, each reduced by any amount specified in Subsection B of this §303 that taxable year. However, in no event can the deferred amount be more than the participant's compensation for such years unless the employer is making nonelective employer contributions; a. the annual deferral amount does not include any rollover amounts received by the plan under treasury regulation §1. 457-10(e).B. The deferral limitation shall be reduced by any amount excludable from the participant's gross income attributable to elective deferrals to another eligible deferred compensation plan described in IRC §457(b)C. A participant who attains age 50 or older by the end of a plan year and who does not utilize the limited catch-up for such plan year may make a deferral in excess of the limitation specified in Paragraphs A.1-2 of this §303, up to the amount specified in and subject to any other requirements under IRC §414(v)La. Admin. Code tit. 32, § VII-303
Promulgated by the Department of the Treasury, Deferred Compensation Commission, LR 24:1964 (October 1998), amended LR 28:1496 (June 2002), LR 32:120 (January 2006).AUTHORITY NOTE: Promulgated in accordance with R.S. 42:1301-1308 and IRC §457.