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Deferred Compensation (457)

The State of Illinois Employees' Deferred Compensation Plan is a supplemental tax-deferred retirement plan for state employees.

Benefits to Deferred Compensation

  • Reduce your current taxable income
  • Investment earnings grow free of taxes
  • Convenient payroll deductions
  • Wide variety of investment choices
  • Participate when you can

In 2013, employees can defer up to $17,500 and employees over age 50 can defer $23,000. The deferrals, together with any earnings, accumulate tax-deferred until the employee terminates service, dies, or incurs unforseeable 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.

For Participants
Participants should log into their account or contact the plan record keeper T. Rowe Price Services at 888-457-5770 to receive information or make changes to their account.

Contact the Deferred Compensation Division of CMS for more information.

DOWNLOADS
DEFERRED COMPENSATION PLAN ENROLLMENT FORM pdf
DEFERRED COMPENSATION PLAN CHANGE FORM

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