Deferred Compensation 457 Plan

Eligibility

Who is eligible to participate in the Plan?

Any individual employee of the State or any individual performing services for the State either by appointment or election, including members of the General Assembly, who performs services for the State for which compensation is paid.

How do I know if I should join the Plan?

The Plan is designed to supplement retirement income. It is not an ordinary savings account that allows withdrawals at any time. Therefore, before deciding whether to join the Plan, you should consider the following:
  • Do I have adequate savings for emergencies?
  • Do I have adequate savings for other financial objectives (e.g. buying a home, children’s college expenses)?
  • Am I current with my bills and credit cards?
  • Can I afford to reduce my take home pay?
  • Would I like to pay less current income tax?
  • Do I want to potentially increase my retirement income?
If you can answer yes to all of these questions, think about joining the Plan. But if your financial situation is such that you should not join at this time, you can join in the future when your financial situation changes.

Any eligible employee may elect to participate in the Plan and defer a specified dollar amount of future compensation. To participate, you must defer a minimum of $20 per pay period.

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