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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.
How do 457(b) plans work? Employers or employees through salary reductions contribute up to the IRC 402(g) limit-$23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2021 and in 2020; $19,000 in 2019) on behalf of participants under the 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.
However, the primary benefit of a 457(b) plans over an IRA (either Roth or Traditional) is that contribution limits are much higher for 457(b) plans ($19,500 vs. $6,000 in 2021).
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participating in a 457 (b) Plan, employees can enjoy tax advantages, as the deferred money remains untaxed until it is withdrawn.
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.
18 Οκτ 2024 · How Withdrawals Work. If you have a governmental or non-governmental 457 (b) plan, you can withdraw some or all of your funds upon retirement even if you are not yet 59½ years old. There is no 10...
