Plan Highlights

Employees for most SERS-participating employers also have access to the Deferred Compensation Plan, which is a voluntary supplemental investment plan with tax deferred benefits.

“Deferred comp” makes it easy to set aside more money for retirement by allowing you to have some of your pay automatically deducted on a pre-tax basis and invested.

You select the amount you want to invest, from as little as $5 per pay to no more than $22,500 per year, which is the IRS limit for 2023. (“Catch-up” provisions allow some participants to contribute more in certain situations. See the Deferred Compensation Plan Features And Highlights for more information.)

 

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You also decide which of the available funds to invest in -- with aggressive, moderate, and conservative options to choose from.

You can easily change the amount you withhold from your pay and your investments whenever you choose.

Deferred comp accounts have certain tax advantages as outlined in Section 457(b) of the IRS tax code. The SERS board has contracted with Empower Retirement as the third-party administrator of this investment plan.

Defer Your Leave Payout

According to the IRS, leave payouts are eligible for deferral into deferred comp accounts. Current IRS limits affect the actual amount you can defer.

If you do not yet participate in deferred comp, there may be time to establish a new account; however, there are a number of HR, payroll, and retirement system deadlines involved that could take up to two months. (You need to have at least one payroll deferral into your new deferred comp account in order to defer your leave payout.)

Your first step is to contact your HR office to learn if you are eligible for a leave payout and the amount. Then, contact a deferred comp representative at 1.866.737.7457 to discuss the rollover process.

Annual SERS Retirement Statement

If you participate in another SERS retirement plan, we will send you an annual statement that provides a snapshot of all of your SERS retirement benefits as of December 31. This annual statement is in addition to the quarterly statements you receive from the third-party administrator of the deferred comp plan. Your SERS annual statement will list the contributions you made to your deferred comp account over the year and since you opened your account, any rollovers you made from other plans, the change in value of your account, the expenses withheld from your account, and any withdrawals or distributions you took from your deferred comp account over the year.

Audited Financial Statements

SERS retains an independent auditor to examine the deferred comp program each year.

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2020 2019 2018 2017
2016 2015 2014 2013
Participant Newsletter

Participants receive a quarterly newsletter with helpful tips on preparing for retirement and information about the plan.

Winter 2023 Fall 2023 Summer 2023 Spring 2023
Winter 2022 Fall 2022 Summer 2022 Spring 2022
Winter 2021 Fall 2021 Summer 2021 Spring 2021
Winter 2020 Fall 2020 Summer 2020 Spring 2020
Winter 2019 Fall 2019 Summer 2019 Spring 2019
Winter 2018 Fall 2018 Winter 2018 Spring 2018
Deferred Compensation Plan Snapshot

A fact sheet that includes up-to-date information on the number of participants, contributions, and more.

2024 2023 2022
2021 2020