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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.
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).
The State Deferred Compensation 457 Plan (also known as the 457 Plan or Deferred Comp) is an optional investment plan available to all employees receiving compensation from the University. Participants may choose to invest pre-tax and/or Roth (after-tax) money in this Plan.
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.
What is a deferred compensation plan and are there any contribution limits? The State of Illinois Deferred Compensation Plan (“Plan”) is a supplemental retirement plan for State employees. Contributions to the Plan can be made on a pre-tax or after-tax (Roth) basis through salary deferrals.
IN WITNESS WHEREOF, the Board of Trustees of the Teachers' Retirement System of the State of Illinois System hereby amends and restates the Teachers' Retirement System of the State of Illinois 457(b) Deferred Compensation Supplemental Savings Plan, effective August 15, 2023.
