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Commonwealth of Virginia Deferred Compensation Plan (457)
The Commonwealth of Virginia 457 Deferred Compensation Plan is a tax-deferred retirement savings program for employees of state agencies and participating political subdivisions and school districts. Participation in the plan is automatic for salaried state employees hired or re-hired on or after January 1, 2008. The 457 Plan is a supplement to your VRS retirement benefit.
Contribution Amounts
Your minimum contribution to the Deferred Compensation Plan (457) is $10 per pay day. You may contribute a maximum of 100 percent of allowable compensation or the maximum listed in the following table:
| Year | Maximum | Age 50+ | Std-Catchup |
|---|---|---|---|
|
2003 |
$12,000 |
$2,000 |
$24,000 |
|
2004 |
$13,000 |
$3,000 |
$26,000 |
|
2005 |
$14,000 |
$4,000 |
$28,000 |
|
2006 |
$15,000 |
$5,000 |
$30,000 |
|
2007 |
$15,500 |
$5,000 |
$31,000 |
2008 |
$15,500 |
$5,000 |
$31,000 |
| 2007 - 2010: Indexed to inflation in $500 increments | |||
DCP Benefits
- Your contributions are made automatically through payroll deduction.
- You pay federal and state income taxes only when you receive the money from your account.
- You choose the amount you want to save, subject to tax code and plan
limits.
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