Saving through your "deferred comp" plan is a smart, simple way to work toward a more rewarding future — one where you have the replacement income you need to maintain your lifestyle in retirement. Even if you’re not sure how much you need to be saving right now, the important thing is to get started as soon as possible. Even setting aside a small amount each month can pay off later.
It’s quick and easy to enroll, but before you start, we encourage you to review your investment options. Choosing the right investments is an important part of your strategy, and you have several options to choose from. You can always change your investments and contribution rate at any time after enrollment.
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The online enrollment process depends on whether you already contribute to the Defined Contribution Plan, either as a member of the Hybrid Plan (A-5 or A-6 classes of service) or the straight Defined Contribution Plan. In most cases, if you were first hired by a SERS-participating employer on or after Jan. 1, 2019, and you are not in an exempt law enforcement or security position, you already contribute to the Defined Contribution Plan.
Yes, I already contribute to the Defined Contribution Plan
1.Log in to your online Defined Contribution Plan account.* |
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2. Click Enroll Now next to the Pennsylvania State Employees’ Deferred Compensation Plan in the left-hand menu under Empower accounts. |
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*If you have not yet registered your online Defined Contribution Plan account, you will need to do so before enrolling in the Deferred Compensation Plan. Click Register, and under the I do not have a PIN tab, provide the required information, and create a username and password. Then follow the three steps above to enroll in deferred comp.
No, I do not contribute to the Defined Contribution Plan (Step-by-Step Instructions)
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1.Click Enroll/Register online. You will need the following information:
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2. Under the I have a plan enrollment code tab, provide the required information. | ||
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| Download the paper form and mail to: Empower Retirement PO Box 173764 Denver CO 80217-3764 |
As soon as you enroll, protect your assets by designating a beneficiary or beneficiaries. And, remember to update your beneficiaries any time your life situation changes. You can update your beneficiaries at any time by logging in to your account.