Louisiana Deferred Comp For State Employees In Clark
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The NJSEDCP, also called Deferred Comp, is a voluntary investment program that provides retirement income separate from, and in addition to, your basic pension plan. You can shelter a part of your wages from federal income taxes while saving for retirement.
If you're choosing one, the 457 is easily superior due to having no age restrictions for withdrawals. But the 403b offers the same great tax benefits of a 401k. Since you have access to both it would make sense to max both accounts as finances allow. Doing so could make you much closer to retirement than 18 years.
What is DROP? DROP is an optional program administered by MERS in which you can build a savings nest egg on a tax-deferred basis. Your DROP account is separate from your regular monthly MERS retirement benefit. To be eligible for DROP, a member must be eligible for normal retirement.
Louisiana Deferred Compensation Plan (LDCP) is a voluntary retirement savings plan that offers eligible employees the option to contribute pre-tax or post tax (Roth) contributions through payroll deductions.
Almost anyone can open a Roth IRA account, while 457(b) plans are only available to employees of state and local governments that sponsor the plans, and some non-profit workers whose employers offer them. Roth IRAs are funded with after-tax dollars, while 457(b) plans can be funded with pre-tax or after-tax dollars.
The 457(b) plan offers LSU employees one option through the State of Louisiana Deferred Compensation Plan with Empower Retirement. This plan allows employees to defer a pre-tax portion of earnings into a supplemental retirement account. The Roth 457(b) feature provides an additional way to save for retirement.
To be eligible for regular retirement, you must have: 30 years service credit at any age. 25 years service credit at age 55, 10 years service credit at age 60, or.
Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).