Latest News Archive

  • Deferral limits will remain the same for 2017. The IRS announced that pension limitations governing the 457 plans will remain the same for 2017 as the increase in the Consumer Price Index was not sufficient to meet the statutory thresholds for its adjustment.  Therefore, the elective deferral (contribution) limit for employees who participate in deferred compensation will stay at $18,000. The catch-up contribution limit for employees aged 50 and over will remain at $6,000, and the Special Catch Limit is $36,000. 

  • Roth 457 is here.  A designated Roth account was added to the Deferred Compensation Plan in January of 2016.  The Roth provision allows employees to make after-tax contributions to their account which become available for withdrawal after separation of employment.  Then, both Roth contributions and associated earnings can be withdrawn tax-free when you take a qualified distribution. 

    We are accepting enrollments in the Roth 457 for payrolls effective the month after the month of form submission. Complete this Enrollment Form and indicate the amount you wish to contribute each pay in total to the Roth account, even if you currently defer to a pre-tax Deferred Compensation account.  If you want to stop your current Deferred Compensation deferrals, you must complete the Change Form revoking your participation at the same time you are enrolling in the Roth.

    Additional information can be found in our latest newsletter and here.

  • Investment and Fee Structure Changes Coming  The Illinois State Board of investment (ISBI), is making some important Plan changes as a result of an in-depth review of the Deferred Compensation Plan’s performance and structure.  The main goal is to provide investment excellence and empower participants with the very best retirement planning solutions.  A letter from ISBI along with a detailed brochure was mailed to all participants in the Plan.  The changes will take effect beginning March 30, 2017, 3p.m. CT.
    Educational meetings will be available for participants beginning March 8, 2017, through March 23, 2017. Click the links for the meeting locations and the dates for the on-site meetings and webinars.

  • Distribution Reminder  Installment payments scheduled for the month of January 2017 will be sent in the third week of the month. Please note that all scheduled future installments, with the exception of January installments, will continue to be distributed on the first business day of each month.

  • Changes to your Plan’s investment lineup.  The Wellington Diversified Growth Portfolio and Vanguard Prime Money Market Fund are being replaced in the Plan. Learn more in this brochure that was mailed to affected participants.  Archived 11/07/2016
  • Deferral limits will remain the same for 2016. The IRS announced that pension limitations governing the 457 plans will remain the same for 2016 as the increase in the Consumer Price Index was not sufficient to meet the statutory thresholds for its adjustment.  Therefore, the elective deferral (contribution) limit for employees who participate in deferred compensation will stay at $18,000. The catch-up contribution limit for employees aged 50 and over will remain at $6,000, and the Special Catch Limit is $36,000.
  • Income Tax Information and Deferral Rates for 2015.  2015 Income tax information regarding the annual IRS limits, how to report contributions to and withdrawals from Deferred Compensation on your 2014 income tax return, and rules for age 70 1/2 required minimum distributions are explained in this helpful document.
  • *Important!!* Plan Changes may require your action! As part of its commitment to helping you prepare for a more secure retirement, the Illinois State Board of Investment is making several investment enhancements to the Deferred Compensation Plan in the coming months. Click each link below to learn more about the investment changes and plan wide re-enrollment.

  • Deferral limits have been increased for 2015. The IRS announced that pension limitations governing the 457 plans will increase for 2015 as the increase in the Consumer Price Index was sufficient to meet the statutory thresholds for its adjustment. Therefore, the elective deferral (contribution) limit for employees who participate in deferred compensation will increase to $18,000. The catch-up contribution limit for employees aged 50 and over who participate will increase to $6,000. 10/28/2014
  • Deferral limits remain unchanged for 2014. The IRS announced that pension limitations governing the 457 plans will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for its adjustment. Therefore, the elective deferral (contribution) limit for employees who participate in deferred compensation remains unchanged at $17,500. The catch-up contribution limit for employees aged 50 and over who participate will remain unchanged at $5,500. 11/4/2013
  • Investment changes: Three common trust funds were added January 2, 2013, to the investment option lineup and three existing investment options are changing investment structure from mutual funds to separate accounts.  
  • Participant loans: Plan loans allow participants to access money in their plan account for a financial emergency or a major purchase before they retire. Participants must have a minimum balance of $2,000 in order to apply. Interested participants must contact T. Rowe Price at rps.troweprice.com or at (888) 457-5770 to initiate a loan

 

 

Updated 10/24/2017