1. A. 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. 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)]; or
   2. 2. 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;
   3. a. the annual deferral amount does not include any rollover amounts received by the plan under treasury regulation §1.457-10(e).
2. 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).
3. 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).
4. D. A participant who attains the age of 60 but not age 64 before the end of a plan year may make a deferral in excess of the limitations specified in Paragraphs A and C of this §303, up to the amount specified in IRC §414(v)(2), as such amounts are adjusted in accordance with IRC §414(v)(2)(C).

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 42:1301-1308 and IRC §457.

Historical Note

HISTORICAL NOTE: 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), LR 51:1888 (November 2025).