Deferred compensation is a voluntary plan for retirement savings. The plan allows employees to defer receiving part of their current salary until retirement.
Eligibility - All state classified 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:
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 - Employees should contact ING Financial Advisers, the plan provider, at (800) 232-0024 for enrollment information.