The Tennessee Deferred Compensation Investment Account Plan is a retirement savings program available for Tennessee state employees. It is designed to facilitate long-term financial security by allowing employees to contribute a portion of their income on a pre-tax basis, thereby reducing their current taxable income. Contributions made to the Tennessee Deferred Compensation Investment Account Plan are invested in a variety of investment options, giving participants the opportunity to grow their retirement savings through various asset classes such as stocks, bonds, and mutual funds. The plan offers a range of investment options suited to individual risk preferences and goals, including both active and passive investment strategies. Participants in the Tennessee Deferred Compensation Investment Account Plan can choose from a selection of diversified investment portfolios managed by reputable investment firms. Some investment options include index funds, target-date funds, and balanced funds, each with different risk and return characteristics. One key aspect of the Tennessee Deferred Compensation Investment Account Plan is the ability to control and manage contributions. Participants can choose to contribute a specific percentage of their salary or a fixed dollar amount, up to the annual limits set by the Internal Revenue Service (IRS). This flexibility allows employees to adjust their contributions based on their financial circumstances and retirement goals. In addition to the core investment features, the plan also offers educational resources and tools to help participants make informed investment decisions. Online account access provides comprehensive information on investment performance, account balances, and contribution history, empowering participants to monitor their retirement savings progress. While the Tennessee Deferred Compensation Investment Account Plan is primarily aimed at state employees, there may be different variations or specific plans available for certain employee groups, such as teachers or law enforcement personnel. These specialized plans may offer additional benefits or investment options tailored to the unique needs of these specific employee groups. Overall, the Tennessee Deferred Compensation Investment Account Plan serves as a valuable retirement savings vehicle for Tennessee state employees, assisting them in building a secure financial foundation for their retirement years.
Tennessee Deferred Compensation Investment Account Plan
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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.