If you are eligible to be a SERS member, you are also eligible to participate in the deferred compensation program. "Deferred comp" makes it easy to set aside more money for retirement by allowing you to have some of your pay automatically deducted and invested. Empower works with SERS to help run this program. To learn more, visit www.SERS457.com or check out the most recent deferred comp newsletter.
You select the amount you want to invest, as long as it's at least $5 per pay and not more than the IRS allows. You 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 and which investments your money goes into whenever you choose. And your deferred compensation account has certain tax advantages as outlined in Section 457(b) of the tax code.
Deferred Compensation Program Statement of Investment Policy
This statement outlines the objectives, standards and processes for evaluating and monitoring investment options and managers, and provides criteria for the selection of the deferred compensation program's investment options. It also enumerates the roles and responsibilities of the SERS board and staff, investment consultants and managers, custodian, sub-custodian, and third-party administrator involved in the operation of the program. Read The Policy
Manage Your Account
Defer From Your Leave Pay Out
The IRS has determined that leave pay outs are eligible for deferral into deferred comp accounts. Current IRS limits affect the actual amount you can defer. You don't necessarily have to already have a deferred comp account to take advantage of this option; there may be time to establish a new account.
If you're actively considering retirement and want to explore this option, please call Empower at 1.866.737.7457 as soon as possible. There are a number of HR, payroll, and retirement system deadlines involved. This can be a lengthy process, the sooner you contact Empower, the smoother things will be.
Changes in Plan Net Position
Audited Financial Statements