Faster WDC Contribution Amount Changes
As of Dec. 18, 2023, any contribution changes you make to your WDC account will be enacted as soon as administratively feasible after the request is made.
This regulatory change was part of SECURE 2.0 legislation that was recently passed. Prior to Dec. 18, 2023, deferral changes you requested could not be effective until the month after the change was made.
Take this opportunity to log in to your account at wdc457.org to increase your contribution today.
- Once logged in, select Contributions from the Account drop down menu.
- If you are using the Empower mobile app, click on the 3 horizontal lines in the upper left corner to choose your account.
- Then select My Contributions.
2024 Contribution Limits
The Internal Revenue Service (IRS) announced retirement plan contributions changes for tax year 2024. Highlights include:
- The limit on elective deferrals for participants under age 50 will increase to $23,000 (from $22,500 in 2023).
- Catch-up contribution limits for participants aged 50 or over remains the same as in 2023. Eligible participants may contribute an extra $7,500 as a catch-up contribution, for a total of up to $30,500.
- The special catch-up limit for eligible participants within three years of normal retirement age will increase in 2024 to $23,000 (from $22,500), for a total of $46,000 in 2024.
Read more from the IRS website for more information.
Domestic Relations Order Processing Fee
Effective Jan. 1, 2024, the cost to divide a WDC account via a Domestic Relations Order due to a divorce will be evenly split and deducted from the accounts of the participant and the alternate payee(s). The total cost is $250.
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