Employees may choose to participate in the Deferred Compensation Plan provided for in Internal Revenue Code Section 457. This is similar to a 401(k) plan in private sector employment. The four companies available are Empower Retirement, ICMA-RC, Nationwide, and VALIC.
What You Need to Know
All documents are in PDF format.
Deferred Compensation Plan Providers
To enroll or request information, contact a deferred compensation plan representative:
Need help? Get assistance with deferred compensation planning from the following resources:
Contribution amounts are set by the IRS as shown below. Contact your deferred compensation plan representative for more information.
* You may participate if you are within 3 years of the year you are eligible to retire under the FRS rules of normal retirement age. You may not participate in the same year as your retirement. There is a maximum 3-year participation period for those who qualify. Participation must be used in consecutive years once begun. Contact Employee Benefits for more information.
Change your deferred compensation contribution amounts at any time throughout the year using the Change Form for Deferred Compensation Contribution (submit by the 25th of the prior month).
You may only withdraw deferred compensation contributions in the event of:
Some providers offer an opportunity for you to apply for a loan from your deferred compensation account. For requirements and application, please contact your plan representative.