Maine Proposed Additional Compensation Plan with copy of plan
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How to fill out Proposed Additional Compensation Plan With Copy Of Plan?
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FAQ
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
Confidential employees with twenty (20) years of State service are eligible to receive an annual longevity payment of $832.00. Confidential employees with twenty-five (25) years of State service are eligible to receive an annual longevity payment of $1,040.00.
457(b) plans are generally available for state and local government employees, as well as certain tax-exempt nonprofits. These plans are very similar to other types of employer-offered retirement accounts. Employees can make contributions up to the annual limit, invest these funds, and grow their retirement nest egg.
Average State of Maine hourly pay ranges from approximately $15.88 per hour for Research Assistant to $75.00 per hour for Sonographer. The average State of Maine salary ranges from approximately $42,500 per year for Security Officer to $129,456 per year for Operations Associate.
The $445 million budget ? which builds on the current services budget that maintains 55 percent of the cost of education, fully restores revenue sharing with municipalities, and provides more than $200 million in tax relief to Maine people per year ? results in a $10.3 billion biennial budget.
The MaineSaves plan is a voluntary retirement savings program. You choose how much you'd like to save and where you'd like your money invested. This is an easy, pre-tax way to save additional funds towards retirement conveniently through payroll deduction.
If you invest in a 457(b) plan, you'll have access to certain advantages like tax-deferred growth and the opportunity to choose how to invest funds. There are also potential disadvantages to keep in mind, including fees that may be higher than other types of investments and no employer match.
The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.