Wash. Admin. Code § 415-501-420

Current through Register Vol. 25-01, January 1, 2025

Section 415-501-420 - What are the deferral limits?

(1) The minimum deferral for DCP is:

(a) Thirty dollars per month; or

(b) A whole percentage of monthly compensation for each deferral type (Roth and pretax). This means if you were contributing to both options, you would be contributing at least one percent to Roth and one percent to pretax, or at least $30 as a combined minimum for both.

(2) Except as provided in WAC 415-501-430 (catch-up provisions) and WAC 415-501-435 (uniformed service make-up contributions), the maximum annual deferral limit is the smaller of:

(a) One hundred percent of your includable compensation as defined in IRC Section 457 (e)(5), and Treasury Regulation 1.457.2(g), and determined without regard to community property laws; or

(b) The annual deferral limit established each year by the Internal Revenue Service. The annual deferral limit is published on the department's deferred compensation program website.

Wash. Admin. Code § 415-501-420

Amended by WSR 14-10-045, filed 4/30/14, effective 6/1/2014

Amended by WSR 16-24-013, Filed 11/28/2016, effective 1/1/2017

Amended by WSR 23-18-025, Filed 8/25/2023, effective 9/25/2023

Statutory Authority: RCW 41.50.050(5), 41.50.780(10), and 41.50.770. 04-22-053, §415-501-420, filed 10/29/04, effective 11/29/04. Statutory Authority: RCW 41.50.050(5), 41.50.030(2), 41.50.088(2), 41.50.770, and 41.50.780, 26 U.S.C. (Internal Revenue Code) and related tax regulations. 02-01-121, §415-501-420, filed 12/19/01, effective 1/1/02. Statutory Authority: RCW 41.50.770, [41.50.]780 and41.50.050 . 00-11-104, amended and recodified as §415-501-420, filed 5/18/00, effective 6/18/00. Statutory Authority: RCW 41.50.050. 98-20-047, § 415-512-020, filed 9/30/98, effective 10/31/98. Statutory Authority: RCW 41.50.050 and 41.50.780(11). 96-16-020, § 415-512-020, filed 7/29/96, effective 7/29/96.