Code of Federal Regulations (Last Updated: May 6, 2024) |
Title 5 - Administrative Personnel |
Chapter VI - Federal Retirement Thrift Investment Board |
Part 1600 - Employee Contribution Elections, Contribution Allocations, and Automatic Enrollment Program |
Subpart C - Program of Contributions |
§ 1600.23 - Catch-up contributions.
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§ 1600.23 Catch-up contributions.
(a) A participant may make traditional catch-up contributions or Roth catch-up contributions from basic pay at any time during the calendar year if he or she:
(1) Is at least age 50 by the end of the calendar year;
(2) Is making employee contributions at a rate that will result in the participant making the maximum employee contributions permitted under § 1600.22; and
(3) Does not exceed the annual limit on catch-up contributions contained in section 414(v) the Internal Revenue Code.
((b) An election to make catch-up contributions must be made using a Catch-Up Contribution Election form (or an electronic substitute) and will be valid only through the end of the calendar year in which the election is made. An election to make catch-up contributions will be separate from the participant's regular contribution election. The election must be expressed in whole dollar amounts.
[Reserved]
(c) A participant may make traditional catch-up contributions and Roth catch-up contributions during the same year, but the combined total amount of catch-up contributions of both types cannot exceed the applicable Internal Revenue Code catch-up contribution limit for the year.
(d) A participant who has both a civilian account and a uniformed services account may make catch-up contributions to both accounts, but the combined total amount of catch-up contributions to both accounts cannot exceed the Internal Revenue Code catch-up contribution limit for the year.
(e) A participant cannot make catch-up contributions to his or her traditional balance from pay which is exempt from taxation under 26 U.S.C. 112.
(f) A participant may make catch-up contributions to his or her Roth balance from pay which is exempt from taxation under 26 U.S.C. 112.
(g) A participant cannot make catch-up contributions from special or incentive pay (including bonus pay).
[(h) Catch-up contributions are not eligible for matching contributions.
[Reserved]
[77 FR 26423, May 4, 2012, as amended at 85 FR 72964, Nov. 16, 2020 ]