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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).
2 ημέρες πριν · One of the most overlooked benefits of the 457 (b) plan is its flexibility when it comes to early withdrawals. Unlike 401 (k) and 403 (b) plans, you won’t face the usual 10% penalty for pulling funds out before age 59 ½. But don’t get carried away—this doesn’t mean you should raid your savings at the drop of a hat.
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.
3 Νοε 2023 · A 457(b) is a tax-advantaged retirement plan designed for civil servants, municipal employees, law enforcement officers and public safety personnel—as well as executives at hospitals, charities...
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
