4th Quarter 2011
Ask ICMA-RC: How Do I Change My 457 Contribution Amount?
Now that the 457 contribution limits have been increased for the first time in two years—to $17,000 in 2012, or $22,500 if you're 50 or older during the year—you can boost your 457 plan contributions.
You can notify your benefits or payroll office directly if you'd like to change your contribution amount. You can do this anytime during the year by filling out a 457 Deferred Compensation Plan Amount of Deferral Change Form (PDF) from ICMA-RC and submitting it to your employer (ICMA-RC also has a 401 Plan Contribution Amount Change Form (PDF) for changes to 401 plan contributions).
Some retirement plans allow contribution changes to be made online. If so, you can make the change through Account Access.
- Go to the "Manage My Account" tab.
- Select the "contributions" menu option, then follow the directions on the page to update your contribution amount (some plans require you to specify your contribution in a dollar amount; others require contributions to be based on a percentage of your pay, or a combination of the two).
You'll know that your transaction has successfully been transmitted to ICMA-RC when the confirmation page is displayed.