First responders will be allowed to exclude service-connected disability pension payments from gross income after reaching retirement age. Applicable plans: 401(a), 401(k), 403(a), 403(b), governmental 457(b) plans. Effective 1/1/2027.
Governmental 457(b)
Higher Catch-Up Limits for Employees at age 60, 61, 62, & 63
Higher catch-up limits for employees at age 60, 61, 62, and 63. Beginning at age 50, participants can contribute an extra $7,500 (indexed annually) into a workplace 401(k) or 403(b) retirement plan, called a “catch-up” contribution. The new provision permits an...