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The State of Illinois Deferred Compensation Plan is a supplemental retirement program for State employees. Contributions to the Plan can be made on a pre-tax or Roth basis through salary deferrals. The combined pre-tax and Roth contributions cannot exceed the limit set by the IRS.
The State of Illinois Deferred Compensation Plan (“Plan”) is an optional 457 (b) retirement plan open to all State employees. The payroll deferrals, together with any earnings, accumulate tax-deferred until the employee terminates service, dies, or incurs unforeseeable financial hardship.
What are Special 457(b) catch-up contributions, and how do I know if I qualify? If you do not defer up to the IRS contribution limit in any given year you are eligible, this special catch- up provision allows you the opportunity to contribute some or all of these unused or underutilized
Log in to check the balance of your 457 account, view your estimated monthly retirement income, and more.
5 Φεβ 2024 · 457 (b) Plans are deferred compensation plans that provide employees with the opportunity to defer a portion of their income for future use. By participating in a 457 (b) Plan, employees can enjoy tax advantages, as the deferred money remains untaxed until it is withdrawn.
Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f).
A 457(b) plan is a tax-deferred retirement savings plan that lets you defer part of your wages and save them for retirement. Learn more here.
