20-146 20-146 . . . Deferred Compensation Investment Account Plan under which Board of Directors of Savings and Loan Association allocates a portion of annual bonuses which would otherwise be paid to selected officers and employees to a separate account. The deferred compensation in such account is deemed, for purposes of Plan only, to represent specified percentages of Association's investments in certain portfolios of equity securities, and it is increased or decreased to same extent as performance of such securities
Virginia Deferred Compensation Investment Account Plan
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US-CC-20-146
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FAQ
The 457 plan is a retirement savings plan and you generally cannot withdraw money while you are still employed. When you leave employment, you may withdraw funds; leave them in place; transfer them to a 457, 403(b) or 401(k) of a new employer; or roll them into an Individual Retirement Account (IRA).
In some cases, you can withdraw your DCP funds while you are still working for a DCP-covered employer. Here are those exceptions: Unforeseeable emergency withdrawals: If you are experiencing severe financial hardship because of an unforeseeable emergency, you may be eligible to withdraw funds from your DCP account.
The VRS retirement plan is a qualified 401(a) defined benefit plan which pays eligible members a lifetime benefit amount based on years of service, age, and compensation. VRS members may also participate in the Virginia Deferred Compensation Plan. Additional information can be found at .varetire.org.
Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and non-governmental entities tax exempt under IRC Section 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f).
Investment options available in 457(b) plans are generally limited to annuities and mutual funds. You can't buy exchange-traded funds (ETFs) or individual stocks in a 457(b) account, for instance.
Cons of 457(b) plans: Fewer investing options than 401(k)s (Not as common today) Only available to certain employees employed by state or local governments or qualifying nonprofits. Employer contributions count toward the annual limit. Non-governmental 457(b) plans are riskier.
Plan can help you realize your. retirement goals. The plan, available through your employer, allows you to save for retirement on a before tax or after tax basis through convenient payroll deductions.
Assets in a 457(b) plan can be rolled over into most other retirement accounts, including into a traditional IRA, a Roth IRA, another 457(b) plan, a 403(b), a 401(a) or a 401(k) plan.