Plan Contributions and Contribution Limits

Catch-up Contributions

For each calendar year beginning with the year you reach age 50, if you elect to contribute the maximum annual amount of before-tax and/or Roth contributions allowed by the Plan (up to 60% of your Eligible Pay or the Participant Contribution Limit, whichever is lower), you may make additional contributions to the Plan. They are called catch-up contributions because they help you “catch- up” on years that your contributions may have been subject to lower limits. You can elect to make before-tax catch-up contributions and/or Roth catch-up contributions (or a combination of both) while also making regular contributions (before-tax, Roth or a combination of both) at the same time.

Catch-up contributions are not subject to the Plan’s limit on contributions of up to 60% of your Eligible Pay, but are subject to the IRS catch-up contribution limit.

The catch-up contribution limit set by the IRS for 2025 is $7,500. This catch-up contribution limit may increase in future years as it is indexed by the IRS for inflation. Be sure to review your election at the end of each year. You will not receive an employer matching contribution on your catch-up contributions to the Plan.

For catch-up contributions that are made on a before-tax basis for federal and most states’ income tax purposes; currently some states will not defer taxes on catch-up contributions. You may want to seek advice from your financial or tax advisor before deciding if you should elect a catch-up contribution.

If, at the end of the year, you have not contributed the maximum before-tax and/or Roth contribution available to you under the Plan (for 2025, 60% of your Eligible Pay or $23,500, whichever is lower) all or a portion of the amounts you intended to contribute as your catch-up contribution will be “re-characterized” as regular before-tax and/or Roth contributions.

The remaining amount will be considered your catch-up contribution for the year.