Ohio Deferred Comp For Employers In Travis
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FAQ
Christina Elliott was named executive director of the $14 billion Ohio Public Employees Deferred Compensation Program, Columbus.
The Ohio Deferred Compensation program offers a flexible and tax-advantaged way for state and local government employees to supplement their retirement savings. With options for both pre-tax and Roth contributions, participants can tailor their approach to suit their financial goals and tax preferences.
Ohio DC is managed by the Ohio Public Employees Deferred Compensation Board, which is responsible for overseeing the program's operations and ensuring it meets the needs of its participants. The board is composed of 13 members who are either elected by participants or appointed by state officials.
If you are separated from employment and age 73 or older before the end of this calendar year, the Internal Revenue Service (IRS) requires you to take a distribution from your Ohio Deferred Compensation account.
A government 457(b) deferred compensation plan is a voluntary retirement savings plan that allows eligible employees to supplement any existing retirement/pension benefits by saving and investing pre-tax dollars through payroll deferrals.
Ohio457@Nationwide.
How much can I contribute? Traditional 457(b) 2025 Annual Regular Limit $23,500 (total limit includes both traditional and Roth contributions) 2025 Annual Age 50+ Catch-up Limit $31,000 (total limit includes both traditional and Roth contributions)7 more rows
Withdrawals may begin after ending your employment and the Program's receipt of your employer's verification that employment ended, final contribution, and the Withdrawal Election form. Distributions must satisfy certain minimum requirements after reaching the age required by the IRS.
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).
