Deferred Compensation Plan

LATEST NEWS
  • Addition to your Plan’s investment lineup. Effective July 1, 2020, the Vanguard Target Retirement 2065 Trust will be available to investors in the Plan. Find additional details on this, and current, Target Retirement Trust funds here. A fact sheet may be found on the Fund Descriptions page.

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The State of Illinois Employees' Deferred Compensation Plan is a supplemental retirement plan for State employees. Contributions to the Plan can be made on a pre-tax or after-tax (Roth) basis through salary deferrals. However, the combined pre-tax and Roth contributions cannot exceed the IRS limit. In 2020, employees are allowed to defer up to $19,500. Employees over age 50 are allowed to defer up to $26,000. Employees enrolled in Special Catch-Up are allowed to defer up to $39,000.

Pre-tax contributions, together with any earnings, accumulate tax-deferred until the employee terminates service, dies, or incurs unforeseeable financial hardship. Once distributions begin, the distributed monies are fully taxable as ordinary income for federal tax purposes. The funds are never taxed by the State of Illinois.

Roth contributions, together with any earnings, qualify for tax-free distribution when the initial after-tax contributions to the account are at least 5 years old and the employee is age 59 ½ or older, dies, or becomes disabled.

To review your account or make investment changes, you can access your account via the T. Rowe Price website.

Enroll Now and Build for Your Financial Future. Contact your Agency Liaison or the Deferred Compensation Office at the address and numbers below.

Frequently Asked Questions

Questions and answers to address the most common inquiries about the Deferred Compensation Plan.

Fund Descriptions

Examine descriptions of the funds available in the Deferred Compensation Plan with an illustration of their share price stability versus their return potential.

Fund Prices and Personal Account Information 

Access up-to-date, personal account information, including current share prices for all funds, via the T. Rowe Price website. Fund prices are shown under the 'Investments' tab. Registration required for first-time users. 

 Fund Yields[PDF 81k]

Determine the investment results for each of the funds and their appropriate benchmark indexes. 

Forms and Newsletters

Download a Deferred Compensation form or newsletter now using Acrobat Reader.

Liaison Manual [PDF, 1148k]

Reference Manual for Deferred Compensation Liaisons

Enrollment Brochure  Roth 457 Brochure [PDF, 3mb] or Summary Plan Description

Review a comprehensive, easy to understand guide for the Deferred Compensation Plan or the Summary Plan Description.

 Distribution

Whether retiring, moving to a job outside state government or leaving state service to pursue family or educational goals, you may decide how you want your Deferred Compensation account distributed. You can now contact T. Rowe Price at 888-457-5770 and request a distribution over the phone. Download a distribution booklet, W-4P Withholding Allowance Certificate, Safe Harbor Notice 2014-74, or the Direct Deposit Form using Acrobat Reader.

Contact Us

CMS Deferred Compensation Office
801 S. 7th Street
PO Box 19208
Springfield, Illinois 62794-9208
217-782-7006 (Voice)
800-442-1300 (Toll Free)
217-785-3979 (TDD)

 

 

Last Updated 05/28/2020