What is DCP?
The DeferredCompensation Program (DCP) is a special type of savings program that helps you invest for the retirement lifestyle you want to achieve — a lifestyle that might be hard to reach with just your pension and Social Security.
Check out the links below to learn about a great way to build your nest egg in addition to your Retirement plan.
DCP Enrollment Booklet
DCP Quick Enrollment Form
Limits
With DCP, you can change your contributions at any time. This includes starting, stopping, increasing or decreasing the amounts you contribute from your paycheck. Contribute to your DCP account in dollar or percentage amounts. The choice is yours. These 2022 limits apply to all DCP participants:
Minimum monthly contribution limit: $30 or 1% of your earnings
Maximum annual contribution limit: $20,500
This annual maximum limit is equal to:
- $1,708 per month for 12 months for monthly payrolls
- $854 per 24 semi-monthly pay periods
- $788 per 26 bi-weekly pay periods
Catch-up options
Participants age 50 and older: You’re allowed an additional $6,500, for a maximum limit of $27,000. This is equal to:
- $2,250 per month for 12 months for monthly payrolls
- $1,125 per 24 semi-monthly pay periods
- $1,038 per 26 bi-weekly pay periods
Special Catch-up limit: In addition to the limits above, a Special Catch-up limit of $41,000 could be available to those participants nearing retirement. To determine your eligibility, call DRS at 800-547-6657.
Special deferral limits: If you are under age 50 and want to defer over the monthly maximum of $1,708, or if you’re 50 or older and want to defer over the maximum of $2,250, contact us for a Special Deferral form: 800-547-6657.