Ohio 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
Your plan may allow you to schedule ?in-service? withdrawals or distributions so you can access your deferred income prior to retirement to meet other financial goals or obligations. For example, at different points over the years, you may want to buy a new home or pay your child's college expenses.
The plan is a voluntary savings program that allows employees to defer any amount, subject to annual limits, from their paycheck on a pretax basis.
You may withdraw funds from the Program only upon: 1. Ending your employment (including termination, retirement, or death) 2. An Unforeseeable Emergency (as defined by Section 457 of the IRC) 3.
How does SMarT work? By enrolling in the SMarT Plan, your payroll contribution deferral amount will automatically increase each year by the amount you specify (not to exceed the annual limit allowed by law). The amount selected must be a whole number between $5 and $250.
May I take a loan from my account? Ohio Deferred Compensation does not offer a loan provision. All withdrawals are subject to ordinary income tax.
Flexible payout options. Withdrawals are an important element of your account to understand. You can take out small or large sums anytime, or you can set up automatic, periodic payments. If your plan allows it, you may be able to have direct deposit which allows for fast transfer of funds.
You can request a loan by logging in to your DCP account, completing a Loan Application Form, or calling the Service Center at 844-523-2457.
Ohio Deferred Compensation is a supplemental 457(b) retirement plan for all Ohio public employees and one of the largest 457(b) plans in the country. Deferred compensation has been Ohio DC's only responsibility since 1976. Because of Ohio DC's size, plan expenses are low.