Louisiana Deferred Comp For State Employees In Suffolk
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FAQ
Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
You may defer between one and 100 percent of your available salary after mandatory deductions (minus your tax-sheltered pension or other voluntary tax-sheltered contributions) with an annual dollar maximum in 2025 of $23,500 ($30,500 for individuals age 50 and older).
The 457(b) plan offers LSU employees one option through the State of Louisiana Deferred Compensation Plan with Empower Retirement. This plan allows employees to defer a pre-tax portion of earnings into a supplemental retirement account. The Roth 457(b) feature provides an additional way to save for retirement.
How Does It Work? With the Deferred Compensation Plan, you can set up automatic payroll deposits, adjust your investment allocations at any time, participate for as long as you choose, and access a range of investment options and support.
Louisiana Deferred Compensation Plan (LDCP) is a voluntary retirement savings plan that offers eligible employees the option to contribute pre-tax or post tax (Roth) contributions through payroll deductions.
To be eligible for regular retirement, you must have: 30 years service credit at any age. 25 years service credit at age 55, 10 years service credit at age 60, or.
If you're choosing one, the 457 is easily superior due to having no age restrictions for withdrawals. But the 403b offers the same great tax benefits of a 401k. Since you have access to both it would make sense to max both accounts as finances allow. Doing so could make you much closer to retirement than 18 years.
