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Form for Direct Rollover into Illinois Plan - State of Illinois - www2 illinois

Form for Direct Rollover into Illinois Plan - State of Illinois - www2 illinois 2025

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The document is a form for the State Employees' Deferred Compensation Plan in Illinois, designed for participants to request a direct rollover of their retirement funds into the Illinois plan. It includes sections for personal information, prior retirement plan details, and investment options. Participants must select how to allocate their transferred account among various investment funds and acknowledge receipt of the plan's terms before signing.

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What is the maximum contribution to deferred comp in Illinois?

Contributions to the Plan can be made on a pre-tax or after-tax (Roth) basis through salary deferrals. However, the combined pre-tax and Roth contributions cannot exceed the IRS limit. In 2021, employees are allowed to defer up to $19,500. Employees over age 50 are allowed to defer up to $26,000.

At what age can you withdraw from deferred comp?

By contrast, there are no IRC age restrictions on distributions from a deferred compensation plan. Deferred compensation plans dont have required minimum distributions, either.

How much should I have in my deferred comp?

One easy way to increase your retirement savings is to contribute a percentage of your income to your Deferred Compensation Plan (DCP) account. Consider saving between 7% and 10% of your salary. The DCP makes it easy for you to save a percentage of your income through the percent-of-pay feature.

What is the phone number for deferred comp in Illinois?

To enroll, make changes, add/update beneficiaries or stop contributions to the State 457 Deferred Compensation Plan (Deferred Comp) go to myillinoisdcplan.com . For questions, contact Empower at 833-969-ILDC (833-969-4532) or University Payroll Benefits (UPB).

What is the state of Illinois 457 plan?

The State of Illinois Deferred Compensation Plan (Plan) is an optional 457(b) retirement plan open to all State employees. The payroll deferrals, together with any earnings, accumulate tax-deferred until the employee terminates service, dies, or incurs unforeseeable financial hardship.