22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
Rhode Island Savings Plan for Employees
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US-CC-22-109E
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Advantages & Disadvantages of 457(b) and 457(k) Plans ProsConsTaxes on your contributions, interest and dividends are deferred until you withdraw money.The maximum annual limit for contributions is $45,000 (including all catch-up contributions); far below the limit for total 401(k) contributions.3 more rows ?
The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.
If you leave your job and terminate employment with a participating employer but are vested in the system (currently 5 years of contributing service), you may begin collecting your pension benefit when you meet your retirement eligibility criteria ? as long as you do not withdraw your contributions.
State employees, dependents and household members can receive FREE confidential assistance with personal and job-related problems through the Blue Cross & Blue Shield of Rhode Island (BCBSRI) Employee Assistance Program (EAP) administered by Carelon Behavioral Health (Carelon, formerly Beacon Health Options - name ...
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
Key Takeaways The 457 plan is an IRS-sanctioned, tax-advantaged employee retirement plan. The plan is offered only to public service employees and employees at tax-exempt organizations. Participants are allowed to contribute up to 100% of their salaries up to a dollar limit for the year.
State of Rhode Island 457(b) Deferred Compensation Plan A 457(b) plan allows eligible employees to defer compensation to the future, lowering current taxable income and offering potential tax-deferred growth.
Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years.