Stay informed about the latest Ohio DC employer news. The "Ohio DC Employer Insights" newsletter has information about retirement planning, financial wellness for your employees, Plan changes, and industry news.

Ohio Business Gateway Users: Prepare for 2-Step Verification

The Ohio Business Gateway has delayed their 2-Step Verification requirements to now start December 2. The 2-Step Verification will be required for accessing the Ohio Business Gateway. Set up your verification options now to ensure uninterrupted access.

IMPORTANT: If you have already set up 2-Step Verification with another State of Ohio agency login, no further action is required.

New Age 60-63 Catch-up Contribution Limit in 2025

Effective January 1, 2025, Section 109 of the SECURE 2.0 Act introduces an increased annual catch-up contribution limit for participants in the calendar year they turn age 60, 61, 62, and 63. The new Age 60-63 catch-up contribution limit for participants within the specified age range is the Regular contribution limit plus the greater of:

$10,000 (to be indexed for inflation after 2025), or
50% more than the Age 50+ catch-up contribution amount.

Below is an example using 2024 contribution limits, which are:

Regular contribution limit of $23,000.
Age 50+ catch-up contribution amount for an additional $7,500, or a $30,500 total limit.
Traditional catch-up limit is double the regular contribution limit, or $46,000.

Participants who qualify for the Age 60-63 catch-up limit could contribute up to $34,250 ($23,000 + $11,250). The additional Age 60-63 contribution amount of $11,250 is calculated by adding $7,500 to $3,750 (50% of the additional Age 50+ catch-up amount).

In the calendar year a participant turns age 64, their contribution limit reverts to the Age 50+ catch-up amount. Actual contribution limits for 2025 should be recalculated due to inflation, by the IRS in early November, which would finalize the limits shown in the examples above.

Participants wanting to take advantage of the new Age 60-63 catch-up limit should contact the Service Center at 877-644-6457. Employers will be informed of any contribution changes for their employees effective in 2025 through the normal change report process already established with Ohio DC.

Opt-In Enrollment Form

Many of your peers require newly hired employees to complete a simple form to opt-in or out of Ohio DC. This process assures that they’re aware of this important benefit. We encourage you to consider adopting the same practice by using the Opt-In Enrollment Form.

Advantages of using this form include:

All new employees learn about saving for retirement early in their career.
The form will help you document that you (as the employer) have met your fiduciary responsibility to educate your employees about their retirement benefits.
The ability for you to attract and retain key employees because of their increased awareness of your comprehensive benefits package.

Many employers also provide this form annually to all non-enrolled employees or during their open enrollment period. Employees can scan the QR code on the form to enroll online or you can return the completed form to Ohio DC. Please remember to print out both pages of the Opt-in Enrollment Form.

Mail to:

Ohio Deferred Compensation

257 East Town Street, Suite 457

Columbus, Ohio 43215-4626

Fax: 614-222-9457

New Employer Webinars

Here at Ohio DC, we want to help our employers be more effective in helping their employees prepare for retirement. In our newly revamped employer webinar, we provide you with information helping explain why general financial wellness and retirement savings is so important, and not only is it important to your employees, but it is also important to you as an employer.

August 13, 2024

September 10, 2024

Employer Survey

Be on the lookout for Ohio DC's employer survey that will be emailed the first week of September. The survey will provide you with the opportunity to update your employer contact information and pay dates. In addition, there will be a few questions for you to complete that will help us with future changes and enhancements. We would like to hear from you and thank you in advance for your feedback.

Information for Your Employees

Ohio DC Participant Webinars

Ohio DC offers webinars on a variety of topics. Please share this link with your employees, so they can register for any upcoming webinar of interest. Webinar topics include:

Managing the Taxes on Your Retirement Income: August 7
Retired Minds Want to Know: August 14 and August 21
Ask Ohio DC. We're Here to Help!: August 28

If employees can't join one of the live webinars, they are recorded, so your employees can watch them at their convenience.