The Internal Revenue Service (IRS) recently announced increased contribution limits for qualified retirement plans, which includes King County’s 457(b) Deferred Compensation Plan.

For 2023, you can contribute up to $22,500 per year into your Deferred Compensation Plan. Previously, the limit was $20,500. If you are age 50 or older, you can contribute $30,000 per year; the previous limit was $27,000.

For more information, go to the Deferred Compensation Plan webpage. If you have a question about these limits and how they apply, please contact Osceola (O.C) Collier, King County Deferred Compensation Coordinator, at 206-263-9250 or KC Deferred Comp.