What is the Age 50 Catch-Up?
If you are age 50 or older, and contribute to the annual limit, may also be eligible to contribute an additional amount as catch-up contributions. Please refer to www.voya.com/IRSlimits
for current limitations.
Employees who have not contributed at the maximum deferral rate may be permitted to make extra "Three year 457 Catch-up" contributions to the Plan in the three years prior to attaining their normal retirement age. The total amount of contributions (normal and catch-up) cannot exceed IRS contribution limits. If you are interested in participating in the catch-up program, please contact the Information Line at 844-360-MDCP (844-360-6327).
You may not participate in the Age 50 and Over Catch-Up and the Three year 457 Catch-Up described above in the same calendar year. You may change your contribution amount or stop contributions at any time through the Contributions & Savings section of this website by selecting Change Contributions or by calling the Information Line at 844-360-MDCP (844-360-6327).