Information available on deferred comp options
The State of Idaho deferred compensation plan is a tax-deferred retirement plan developed in the late 70s specifically for public employees. Internal Revenue code (IRC 457) otherwise known as “Deferred Compensation” allows employees of the state to set aside a portion of their income pre-tax to a supplemental retirement plan. A unique benefit to the 457 plan is that there is no 10 percent penalty for early withdrawal.
Other supplemental plans such as 401(k), 403(b) and IRA’s are penalized 10percent for withdrawals prior to age 59 1⁄2. The deferred compensation plan is designed to bridge the gap between what is needed for retirement and what PERSI pension and social security will provide.
$50 bonus plan
Retirement Plan Advisor
This service is for participants in the plan that are over age 50 and are interested in a “Personal Retirement Planning Analysis” to help in planning for retirement. Contact your local retirement specialist for information on how to obtain your personal analysis.