§1600.23. Catch-up contributions.
5 C.F.R. § 1600.23
A participant may make traditional catch-up contributions or Roth catch-up contributions from basic pay at any time during the calendar year if he or she:
Is at least age 50 by the end of the calendar year;
Is making employee contributions at a rate that will result in the participant making the maximum employee contributions permitted under § 1600.22; and
Does not exceed the annual limit on catch-up contributions contained in section 414(v) the Internal Revenue Code.
[Reserved]
A participant may make traditional catch-up contributions and Roth catch-up contributions during the same year, but the combined total amount of catch-up contributions of both types cannot exceed the applicable Internal Revenue Code catch-up contribution limit for the year.
A participant who has both a civilian account and a uniformed services account may make catch-up contributions to both accounts, but the combined total amount of catch-up contributions to both accounts cannot exceed the Internal Revenue Code catch-up contribution limit for the year.
A participant cannot make catch-up contributions to his or her traditional balance from pay which is exempt from taxation under 26 U.S.C. 112.
A participant may make catch-up contributions to his or her Roth balance from pay which is exempt from taxation under 26 U.S.C. 112.
A participant cannot make catch-up contributions from special or incentive pay (including bonus pay).
[Reserved]
Notes, amendments, and revision history
Amendments
[77 FR 26423, May 4, 2012, as amended at 85 FR 72964, Nov. 16, 2020 ]
Authority
Authority: 5 U.S.C. 8351, 8432(a), 8432(b), 8432(c), 8432(j), 8432d, 8474(b)(5) and (c)(1), and 8440e.
Source
Source: 66 FR 22089, May 2, 2001, unless otherwise noted.
Amendments
[77 FR 26423, May 4, 2012, as amended at 85 FR 72964, Nov. 16, 2020 ]