State 457 Supplemental Retirement Plan
457 Plan Committee Agendas/Minutes
Summary of 457 Supplemental Plan Benefits View all 457 Plan information
| How Investments are Chosen | You choose specific investments depending on your investment knowledge and risk tolerance. |
| Benefit at Retirement | Your retirement benefit will depend how much you contribute to the plan and on the gains or losses of the investments you choose. |
| Eligibility | All State employees |
| Plan Management | Great-West Retirement Services (1-800-838-0457) - Go to colorado457.com to Enroll or for Investment Information, Decision Tools, and other information. |
| Min / Max Contributions | Minimum: $25 per month Maximum: $15,500 for 2008; $16,500 for 2009 |
| Plan Fees | There are no administrative fees for participating in the plan in FY09, although there are investment management fees that apply to each fund selected. |
| Commission or Load Fees | None |
| Distributions | Separation from service, retirement, disability or diminimus |
| Penalty on early withdrawals before age 59 1/2 | No(1) |
| Rollover Provisions | Rollovers between 457, 401(k), 403(b), IRA plans (2) |
| Loans | One per account balance for any reason (3) |
| Active Service Withdrawals | Unforeseeable emergency (3) |
| Purchase Service Credit | Yes (3) |
| Catch-up Provision | For the 3 consecutive years prior to retirement, can contribute up to twice the limit. |
| Catch-up Provision age 50 and over | Participants age 50 and over may make additional contributions of $5,500 (2009). |
(1) All withdrawals are subject to a mandatory, 20% federal withholding income tax.
(2) Any monies rolled over from the 457 to any other plan may be subject to the 10% federal tax penalty for withdrawals made prior to age 59 1/2.
(3) The employer match was suspended effective May 2004. Participants in the 457 Plan with Match account balances may still apply for a loan, hardship or purchase of service credit from that account.
Note: This is only a summary. The actual terms of the above plan are governed by the legal plan documents and federal and state law.
More Supplemental Retirement Plan Information
457 3rd Quarter 2008 Bulletin October 2008
2008 2nd Quarter Market Observations Economic Downturn, Recent Developments with Fannie Mae and Freddie Mac
457 Account Access / Enroll
PERA 401(k) Account Access
457 Committee Members as of November 2008
Form for 457 Deferral of Sick / Annual Leave
Retirement Planning (link to US Dept. of Labor site)
Who is my human resources contact?
Additional Retirement & Investment Sites
College Savings
College Invest
Social Security
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For more information about Benefits contact the DPA Benefits Unit.
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