457(b) Deferred Compensation Plans
Eligible employees of the Community College of Rhode Island may choose to participate in a Deferred Compensation Plan over and above their regular retirement plan. Since this plan is tax-deferred, salary reduction contributions and earnings are taxable as income when you receive them. Most state and local taxes are also deferred until benefits are received. When you elect to participate, a portion of your salary is set aside (on a pre-tax basis) to save toward supplementing your primary retirement plan and social security.
This plan is available to all state employees who are eligible for benefits. A minimum contribution of $25.00 per pay period is required for non-classified employees or $10.00 if you are a state classified employee.
Office of Post-Secondary Commission employees (non-classified) are able to contribute to the 457(b) with TIAA.
All State employee are eligible to set up an account through Fidelity, VOYA, and TIAA. Each of these carriers offers a variety of investment options from which to choose.
To start contributing to the State’s 457 Plan, or to change your current contributions, you must log in to your [email protected]ork account.
For more information, please visit the State of RI Office of Employee Benefits Deferred Compensation Plan site at http://www.employeebenefits.ri.gov/benefits/active/supplement/deferredcomp.php.