Illinois Proposals to Approve Employees' Stock Deferral Plan and Directors' Stock Deferral Plan with Copy of Plans
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FAQ
Key Takeaways. Deferred compensation plans allow employees to withhold a certain amount of their salaries or wages for a specific purpose. Deferred compensation plans can be qualified or non-qualified. Qualified plans fall under the Employee Retirement Income Security Act and include 401(k)s and 403(b)s.
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.
Key Differences Deferred compensation plans tend to offer better investment options than most 401(k) plans, but are at a disadvantage regarding liquidity. Typically, deferred compensation funds cannot be accessed, for any reason, before the specified distribution date.
To enroll, your employer must participate in the Plan (employers can visit our Employer Resource Center or call us at (800) 696-3907 to learn more). For more information, visit CalPERS 457 Plan website, call the Plan Information Line at (800) 260-0659, or view the additional resources below.
Section 401(k) Plans, Section 403(b) Plans and governmental Section 457(b) Plans generally permit employees to defer compensation on a pre-tax basis.
More details on the retirement plan limits are available from the IRS. 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.
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).