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CMS Last Name STATE EMPLOYEES DEFERRED COMPENSATION PLAN BENEFICIARY ELECTION FORM ILLINOIS DEPARTMENT OF CENTRAL MANAGEMENT SERVICES PO Box 19208, Springfield IL 627949208 First Scan forms to: CMS.Ben.DefComp.

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Related content

State of Illinois Deferred Compensation Plan...
CMS Deferred Compensation Office 801 S. 7th Street PO Box 19208. Springfield, Illinois...
Learn more
state employees' deferred compensation plan change...
For more information, call the Deferred Compensation Office at 1-800/442-1300...
Learn more

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Basic elective deferral limit The basic limit on elective deferrals is $22,500 in 2023, $20,500 in 2022, $19,500 in 2020 and 2021, and $19,000 in 2019, or 100% of the employee's compensation, whichever is less.

The 2022 catch-up contribution limit for workers age 50 and up is $6,500 ($7,500 for 2023).

A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.

The State of Illinois Deferred Compensation Plan (“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.

For 2023, highlights include: The limit on annual contributions to an IRA increased to $6,500, up from $6,000. The amount individuals can contribute to their SIMPLE retirement accounts is increased to $15,500, up from $14,000. The Annual Compensation Limit increased to $330,000, up from $305,000 .

The Internal Revenue Service (IRS) announced that the amount individuals can contribute to some deferred compensation plans, such as 401(k) plans, has increased to $22,500 in 2023. This figure is up from $20,500 for 2022.

The IRS limits for retirement savings programs like DCP have increased for 2023. Beginning Jan. 1, you can contribute up to $22,500 per year. The Deferred Compensation Program, or DCP, is a terrific way to save for retirement.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232