Tennessee Deferred Compensation Investment Account Plan

State:
Multi-State
Control #:
US-CC-20-146
Format:
Word; 
Rich Text
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Description

20-146 20-146 . . . Deferred Compensation Investment Account Plan under which Board of Directors of Savings and Loan Association allocates a portion of annual bonuses which would otherwise be paid to selected officers and employees to a separate account. The deferred compensation in such account is deemed, for purposes of Plan only, to represent specified percentages of Association's investments in certain portfolios of equity securities, and it is increased or decreased to same extent as performance of such securities
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FAQ

That flaw resulted in companies and agencies across the U.S. experiencing a security breach. On June 26, TCRS said the security breach had affected 171,836 retirees and their beneficiaries. They released a statement about the security breach, available below.

Assets in a 457(b) plan can be rolled over into most other retirement accounts, including into a traditional IRA, a Roth IRA, another 457(b) plan, a 403(b), a 401(a) or a 401(k) plan.

Additional savings opportunity As an added benefit, the State of Tennessee offers the ability to save through a 457 deferred compensation plan. The 457 has the same investment options as the 401(k) and does not share a contribution limit with other retirement plans.

The ORP is a deferred compensation plan that lets you take control of your retirement by contributing to investment options of your choice. You are immediately vested in the ORP and can decide how your money should be invested given your individual goals, risk tolerance, and timeline.

Cons of 457(b) plans: Fewer investing options than 401(k)s (Not as common today) Only available to certain employees employed by state or local governments or qualifying nonprofits. Employer contributions count toward the annual limit. Non-governmental 457(b) plans are riskier.

Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and non-governmental entities tax exempt under IRC Section 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f).

The 457 plan is a retirement savings plan and you generally cannot withdraw money while you are still employed. When you leave employment, you may withdraw funds; leave them in place; transfer them to a 457, 403(b) or 401(k) of a new employer; or roll them into an Individual Retirement Account (IRA).

Investment options available in 457(b) plans are generally limited to annuities and mutual funds. You can't buy exchange-traded funds (ETFs) or individual stocks in a 457(b) account, for instance.

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Tennessee Deferred Compensation Investment Account Plan