New Limits Mean You Can Save More in 2025

The IRS announced the regular deferral limit for 2025 has increased to $23,500.  Please note, a new Age 60-63 Catch-up provision will now be available, allowing those turning age 60-63 within the calendar year to contribute up to $34,750. The contribution limit returns to the Age 50-plus catch-up deferral limit effective the calendar year you turn age 64.   

The following table outlines the applicable annual limits as of January 1, 2025:

A small increase in your contribution amount could significantly affect your retirement readiness. Update your deferral amount by logging onto your account at cookcountydc.com or on My Retirement by Nationwide app.

Due to the recent contribution provision enhancements, deferred compensation payroll contributions descriptions on their payroll stubs will change. Deductions amounts will not be affected.

New Enhancements to the

My Income & Retirement Planner℠ (MIRP)

Get to know Nationwide's new digital retirement and financial planner tool

Designed with your financial planning needs in mind, My Income & Retirement Planner℠ makes it easy to get started and stay focused on your goals. The Planner offers the flexibility to customize and adapt to your evolving financial needs. It provides a streamlined experience to help you make informed decisions about your future whether you’re just starting on your retirement-planning journey or have more complex planning requirements.

To test drive the new, all-in-one My Income & Retirement Planner, log in to your account at CookCountyDC.com or click here to learn more.

Upcoming Deferred Compensation Visits

Have questions? Need help? 

Nationwide is here for you. 

 Stroger Hospital Cafeteria (1969 W Ogden Avenue, Chicago, IL 60612)

Monday, December 16^th: 10:30am – 2:00pm

A Retirement Specialist is available at

Stroger Hospital during these hours every other Monday.

Provident Hospital Cafeteria (500 E 51^st Street, Chicago, IL 60615)

Thursday, December 19^th: 10:00am – 2:00pm

Visit Nationwide's local office  at 205 W. Randolph, Suite 1540

Chicago, IL 60606

Contact Nationwide at 1-855-457-2665.

Start saving  or increase your contribution today at CookCountyDC.com.

Register to attend the monthly webinar series to learn more about your plan.

Schedule a virtual appointment with a Retirement Specialist.

www.CookCountyDC.com

Department of Risk Management

161 N. Clark St. | Suite 2400B | Chicago, Illinois 60601

Phone: (312) 603-6385

Email: risk.mgmt@cookcountyil.gov

Mission

The Department of Risk Management is responsible for the cost-effective and customer-focused administration of Countywide employee benefits, workers' compensation programs, and general liability programs in accordance with local, state and federal requirements.

Values

Equity. Engagement. Excellence. Learn more about our strategic plans for Cook County with the Policy Roadmap: Five-Year Strategic Plan for Offices Under the President.