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Automatic Enrollment in 457 Deferred Compensation Plan Begins January 1, 2008
Starting January 1, 2008, newly hired and re-hired salaried state employees will be enrolled automatically in the 457 Deferred Compensation Plan (457 Plan). The 2007 General Assembly passed legislation making enrollment in the 457 Plan automatic.
Automatic deferrals of $20 per pay period with a $10 employer cash match begin the first pay date occurring 90 days after Great-West Retirement Services, the record keeper for the plan, sends the new employee an automatic enrollment notice. Eligible employees have 90 days from the date of the notice to opt out of the 457 Plan. After deferrals begin, new employees have an additional 90 days to opt out of the program and receive a refund of any deferrals made.
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