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The available plans include: 457(b) Deferred Compensation Plan – tax-deferred, available to all State of Maryland employees, and also includes an afer-tax Roth 457 option. 401(k) Savings and Investment Plan – tax-deferred, available to all State of Maryland workers, and also includes an afer-tax Roth 401(k) option.
Three plans are offered: the 457(b)Deferred Compensation Plan, the 403(b) Tax Deferred Annuity Plan, and the 401(k) Savings and Investment Plan. In addition, most employees are enrolled into the 401(a) Match Plan.
Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and non-governmental entities tax exempt under IRC Section 501. They can be either eligible plans under IRC 457 (b) or ineligible plans under IRC 457 (f).
You may contribute up to 100% of your compensation but not more than $20,500 to a 457(b) plan and $20,500 to either a 401(k) or 403(b) plan. In addition, you may qualify for one but not both of the Catch-up provisions outlined below.
You’ve probably heard of the different types of retirement plans: 457(b) Deferred Compensation, 401(k), 403(b), 401(a) and Roth 457 or Roth 401(k) Plan Account. As a State of Maryland employee, there are plans created specifically for you.
Maryland Teachers and State Employees Supplemental Retirement Plans. RetireU virtual campus. Learn how you can use our interactive tools and resources to help you master retirement readiness. Visit RetireU virtual campus. Need to enroll in your retirement plan? Enroll now. Answers about Enrolling. Create an online account. Planning at retirement.
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participating in a 457 (b) Plan, employees can enjoy tax advantages, as the deferred money remains untaxed until it is withdrawn.
