Deferred Compensation Plan
The State of Illinois Employees' Deferred Compensation Plan is a supplemental tax-deferred retirement plan for state employees. In 2009, employees can defer up to $16,500 and employees over age 50 can defer $22,000. The deferrals, 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.
To review your account or make investment changes, you can access your account via the T. Rowe Price web site.
Required Minimum Distributions (RMDs) may be Suspended for 2009
The Worker, Retiree and Employer Recovery Act of 2008 was signed by the President on December 23, 2008. This law allows that no minimum distribution is required for calendar year 2009 from individual retirement plans and employer-provided qualified retirement plans that are defined contribution plans. The next required minimum distribution would be for calendar year 2010.
If you are to receive a 2009 required minimum distribution that you wish to suspend, you must contact T. Rowe Price at 888-457-5770.
Questions and answers to address the most common inquiries about the Deferred Compensation Plan.
Examine descriptions of the funds available in the Deferred Compensation Plan with an illustration of their share price stability versus their return potential.
Obtain the share prices for the mutual funds available in the Deferred Compensation Plan.
Determine the investment results for each of the funds and their appropriate benchmark indexes.
Obtain contacts for more information on enrolling in the Deferred Compensation Plan.
Download a Deferred Compensation form or newsletter now using Acrobat Reader.
Reveiw a comprehensive, easy to understand guide for the Deferred Compensation Plan or the Summary Plan Description.
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 [PDF, 33k], W-4P Withholding Allowance Certificate [PDF, 36k], or the Direct Deposit Form [PDF, 7k]using Acrobat Reader.
Meet the Deferred Compensation staff.
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