State of Illinois Deferred Compensation Plan


LATEST NEWS

  • The State of Illinois Deferred Compensation Plan is switching from T. Rowe Price to Empower on July 1, 2022.

    The Plan will enter a blackout period at 3pm CST on June 27, 2022. This period is expected to last until the week of July 10, 2022. During that time, you will be unable to elect changes to your account. After the blackout has ended, all new elections will be made through Empower at www.myillinoisdcplan.com or by calling 833-969-ILDC (833-969-4532).

    For more information about the transition, please review the announcement email, Transition Guide, or Transition FAQ. The announcement email was sent to all active State of Illinois employees that have an @illinois.gov email address on May 23, 2022. The Transition Guide was mailed to all current participants with a balance, along with all State of Illinois employees eligible to participate in the Plan, on May 27, 2022.


Archives

 

The State of Illinois Deferred Compensation Plan (“Plan”) is a supplemental retirement program for State employees. Contributions to the Plan can be made on a pre-tax or Roth basis through salary deferrals. The combined pre-tax and Roth contributions cannot exceed the limit set by the IRS. In 2022, employees are allowed to defer up to $20,500. Employees over aged 50 are allowed to defer up to $27,000. Employees enrolled in Special Catch-Up are allowed to defer up to $41,000. Participants that are within three years of retiring must contact CMS Deferred Compensation to apply for Special Catch-Up.

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. 

Plan Rules Document

Enrollment Brochure

Roth Brochure

Fund Yields

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

Contact Us

CMS Deferred Compensation Office
801 S. 7th Street
PO Box 19208
Springfield, Illinois 62794-9208

CMS.Ben.DefComp@illinois.gov

217-782-7006 (Voice)
800-442-1300 (Toll Free)