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Save More with Catch-up Contributions
To help 401(k) participants make up for lower contributions made in previous years, the US Internal Revenue Service (IRS) has established an exception to the annual contribution limit, known as catch-up contributions. If you are age 50 or older or if you will turn 50 during the calendar year, you can defer additional salary into your 401(k) account that exceeds the annual IRS dollar limit or plan percentage limit.
For 2017, the IRS has established the following 401(k) maximum contribution and the catch-up contribution amounts:
- Maximum contribution amount is $18,000
- Maximum catch-up contribution amount is $6,000 (participants must be at least age 50 or must turn 50 in 2017 to be eligible for catch-up contributions)
Participants elect catch-up contributions the same way regular salary deferral elections are made through Workday. Your elected catch-up contribution percentage is in addition to your regular deferral percentage. Catch-up contributions can be deferred pre-tax, after-tax or a combination of both. You can start or stop your deferrals monthly. Changes made by the end of the month are effective the first payroll of the following month. Catch-up contributions are not eligible for company matching contributions.
Please visit the BB&T 401(k) Savings Plan page for information and resources, including the BB&T Corporation 401(k) Savings Plan Participant Guide.
For additional questions, please call the Human Systems Service Center at 800-716-2455, option 1.
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