Alaska Approval of deferred compensation investment account plan
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How to fill out Approval Of Deferred Compensation Investment Account Plan?
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FAQ
Investing your deferred compensation Your plan might offer you several options for the benchmark?often, major stock and bond indexes, the 10-year US Treasury note, the company's stock price, or the mutual fund choices in the company 401(k) plan.
The annual limits are: salary deferrals - $22,500 in 2023 ($20,500 in 2022; $19,500 in 2020 and 2021 and $19,000 in 2019), plus $7,500 in 2023; $6,500 in 2020, 2021 and 2022 ($6,000 in 2015 - 2019) if the employee is age 50 or older (IRC Sections 402(g) and 414(v))
The normal contribution limit for elective deferrals to a 457 deferred compensation plan is increased to $23,000 in 2024. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,500.
You can process a distribution request by logging in to your account and navigating to Loans & Withdrawals > Taking a Withdrawal > Request a Withdrawal. If you have questions about distributions, call the Service Center at 844-523-2457.
The State of Alaska 457 Deferred Compensation Plan (DCP) allows you to set aside and invest a portion of your income for your retirement on a voluntary basis. It is designed to complement the Alaska SBS Supplemental Annuity Plan and the Alaska PERS/TRS Defined Contribution Retirement Plan.
A 457(b) plan's annual contributions and other additions (excluding earnings) to a participant's account cannot exceed the lesser of: 100% of the participant's includible compensation, or. the elective deferral limit ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).
The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $22,500 in 2023 ($20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
Deferred compensation plans don't have required minimum distributions, either. Based upon your plan options, generally, you may choose 1 of 2 ways to receive your deferred compensation: as a lump-sum payment or in installments.