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Employee Benefits
Benefits for Active Employees
Deferred Compensation Plan
(updated 01/08/2015)


General Information (Tandem 457 Plan)

Deferred compensation is a voluntary plan for retirement savings. The plan allows employees to defer receiving part of their current salary until retirement.  Starting January 2015, Tandem is administered by Great-West Financial.

Eligibility

All state university support staff employees, unclassified employees, and student employees, regardless of appointment type or hours.

Plan Contributions

There is a minimum deferral of $300 per year. The maximum annual amount may be tax-deferred is limited by the Internal Revenue Code. The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), effective January 1, 2002, increases the maximum annual amount that can be set aside before taxes for later use as a retirement, income, as shown below:

YEAR

AMOUNT

2002

$11,000

2003

$12,000

2004

$13,000

2005

$14,000

2006

$15,000

2007

$15,500

2008

$15,500

2009

$16,500

2010

$16,500

2011

$16,500

2012

$17,000

2013

$17,500

2014

$17,500

2015

$18,000


An employee may participate in both the Deferred Compensation plan and the Voluntary Tax Sheltered Annuity plan at the same time. They do not offset each other.

The university does not contribute to this plan.

Employee Enrollment (Tandem 457 Plan)