- (a) In addition to the maximum limits under 590:40-9-1, the Plan provides for a special catch-up for all Participants who have attained age 50 before the close of the plan year. Such additional contributions shall be in accordance with, and subject to the limitations of Section 414(v) of the Code. Effective January 1, 2025, the adjusted dollar amount under Section 414(v)(2)(E) of the Code shall apply to Participants who will attain age 60 but will not attain age 64 by the end of the calendar year. The applicable dollar amount and the adjusted dollar amount under this paragraph (a) shall be increased by cost-of-living to the extent provided under Section 414(v) of the Code for such calendar year. Such catch-up contributions shall not considered for purposes of the provisions of the plan implementing the required limitations of Section 457 of the Code. This catch-up may not be used in the same years the employee is using the election under 590:40-9-2.
- (b) Effective January 1, 2026, or such later effective date determined by the Secretary of the Treasury through guidance, with respect to a Participant whose wages within the meaning of Section 3121(a) of the Code from the Employer for the preceding calendar year exceed the limitation under Section 414(v)(7)(A) of the Code, paragraph (a) shall apply only if the Participant elects, or is deemed to have elected, the additional amount of Elective Deferrals to be made as Roth Elective Deferrals. The wage limitation under this paragraph (b) shall be increased by cost-of-living to the extent provided under Section 414(v) of the Code for such calendar year.
Added at 32 Ok Reg 2179, eff 9-11-15
Amended at 42 Ok Reg, Number 20, effective 7-11-25