Your "deferred comp plan" offers a simple, flexible way for you to save for retirement. With its powerful pretax savings features, investment options and planning resources, you can work toward replacing your working income in retirement — for life.
Review your deferred comp plan highlights document to see how your deferred comp plan can help you save, invest and prepare for retirement.
It’s important to understand how your retirement deferred comp plan works so you can take full advantage of the benefits it provides. Your deferred comp plan highlights provide you with general information about your deferred comp plan.
Make A Contribution
You can designate or change your contribution amount online. Sign in to your account and you will be taken directly to your Contributions page, where you can use the Contribution Rate slider.
Name Your Beneficiary
You can designate or change your beneficiary online. Sign in to your account and select the My Beneficiaries page.
In most cases, you contribute to a mandatory SERS retirement plan (pension and/or Defined Contribution Plan) too. Keep in mind that you need to file a separate beneficiary form instructing how the assets from each plan are to be distributed after your death. Without a beneficiary form on file for each individual plan, the assets from that plan may go to your estate and result in estate taxes.
Transfer Money Into Your Account/Direct Rollovers
Consolidate your assets into one easy-to-manage view. To roll in assets from a previous retirement account, Sign in to your account and click on your plan(s) listed under Total account balance. Scroll down to Plan Information and click on Consolidate accounts.
You are encouraged to discuss rolling money from one account to another with your financial advisor/planner and to consider any potential fees and/or limitations of available investment options.
Update Your Personal Information
To change your personal information online, sign into your online account.
Request A Withdrawal From Your Account
To request a withdrawal from your Deferred Compensation account, submit a properly completed withdrawal form.
Deferred compensation plans typically charge different fees to cover a variety of expenses. The good news is that the fees you pay to participate in your deferred comp plan are typically lower than what you might experience as an individual investor. With so many people participating in the deferred comp plan, you usually benefit from reduced fees.