Louisiana Deferred Compensation
 IRS
Section 457 - Voluntary Supplemental Retirement Plan
Section 457 of the Internal Revenue Code
allows employees of government and non-profit agencies to
participate in a Deferred Compensation Plan. When you enroll
in the plan you elect to contribute a portion of each paycheck
to your deferred compensation account. The amount you
contribute is set aside automatically in an account for you and
is invested in the funds you select. Contributions to Deferred
Compensation are invested on a tax deferred basis.
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Maximum contribution is 100% of
compensation up to annual contribution limits listed below.
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Minimum contribution is $10.00 per paycheck
for bi-weekly paid employees and $20.00 per month for monthly
paid employees.
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Choice of multiple investment options with
varying degrees of risk.
After Termination of Employment:
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May leave funds invested with Great West;
not required to withdraw funds.
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May withdraw funds at termination of
service without any penalties. (*Withdrawals are subject to
appropriate federal and state taxes and are taxed as ordinary
income).
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May roll funds into an IRA; funs not
subject to taxes if rolled over into a qualified retirement
plan.
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Must notify the Plan within 60 days of
separation from state service of method of payout selected.
Annual Contribution Limits
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Under Age 50 |
Age 50 & Over |
|
$15,500 in 2008 |
$20,500 in 2008 |
Louisiana Deferred Compensation Plan is
administered by Great West Life. For New Orleans, please
contact David Arriza; Baton Rouge and
Lafayette , Rodney Lucas at the main number 1-800-345-4699.
Please click on the link below for Louisiana
Deferred Compensation forms.
Louisiana Deferred
Compensation
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