2020 IRS Deferral Limits
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You can start, stop or change your payroll deduction by completing and returning this authorization form to the
Finance Department Payroll Unit by email to payrollunit@fultoncountyga.gov
. The 457(b) Deferred
Compensation plan is administered by TIAA-CREF on behalf of Fulton County.
Have questions about the Deferred Compensation (457) Plan or your account?
Contact TIAA-CREF’s call center at 800-842-2252 or visit. www.tiaa-cref.org/fulco
.
401(a) Defined Contribution Retirement Plan Participant Match
If you are a participant in the 401(a) (New) Retirement plan, the County will make an Employer Matching
Contribution for each payroll period equal to 50% of the first 4% of your Pay for the Plan Year that you
contribute to the 457(b) Plan. The County will make a maximum contribution of 2% of your Pay to the Plan on
your behalf.
Effective Date (Per IRS Regulation)
All deferral changes will be effective as of the first pay period of the calendar month following the date you submit this
form or as soon as administratively possible thereafter, unless a later date is specified below*. Deductions for 457b
Deferred Compensation are taken from all bi-weekly and monthly payroll checks for the calendar year up to the
IRS annual deferral limits shown below**.
___
_ First available paycheck:
**Annual Deferral Limits for 2020 Calendar Year
$19,500 Annual Deferral Limit Maximum
$6,500 Additional “Age 50” Catch-Up Limit ($26,000 maximum contribution)
Pre-Retirement Catch-Up Limit-($39,000 maximum total) *TIAA-CREF must confirm eligibility*
Indicate which type(s) of deferrals are included in the below % amount:
____
Normal annual deferral
____ Catch-Up Contributions: Please indicate ONE of the following types of catch-up rules you are using:
____ “Age 50” provision
____ “Pre-Retirement” provision – TIAA-CREF Representative would need to confirm eligibility
NAME(Print Full Legal Name)
1.08% of Pre-Tax Payroll Amount (Biweekly), or
1.00% of Pre-Tax Payroll Amount (Monthly)
2.17% of Pre-Tax Payroll Amount (Biweekly),or
2.00% of Pre-Tax Payroll Amount (Monthly)
3.25% of Pre-Tax Payroll Amount (Biweekly), or
3.00% of Pre-Tax Payroll Amount (Monthly)
4.33% of Pre-Tax Payroll Amount (Biweekly), or
4.00% of Pre-Tax Payroll Amount (Monthly)
0% - Cancellation of deduction
Greater than 4.33% of Pre-Tax Payroll Amount (enter
amount in whole percentage)
*By signing this form you agree to the deferral percentage and
payroll deduction frequency above.
EMPLOYEE BENEFITS & PAYROLL DIVISION
141 PRYOR STREET, S.W., SUITE 7001
ATLANTA, GEORGIA 30303
TELEPHONE (404) 612 -7605
Email: payrollunit@fultoncountyga.gov
