Louisiana Public Employees Deferred Compensation Plan
The Deferred Compensation Plan is a Section 457 Retirement
Program, commonly referred to a supplemental retirement annuity.
This plan provides employees with the opportunity to invest money
on a before tax basis, using payroll deduction. Because your
taxable income is reduced, you can invest money and defer taxes.
The before tax aspect is what makes Deferred Compensation Plans
very attractive. Participants defer federal and state income tax on
their contributions. In addition, interest or earnings on your
account accumulates tax-deferred. No taxes are paid on the account
until you begin withdrawing funds. You may join the plan with as
little at $10 per pay period. You can contribute the lesser of
$16,500 or 100% of compensation per calendar year.
Great West Life and Annuity Insurance Company is the plan
administrator for Louisiana Public Employees Deferred Compensation
For more information about Louisiana Public Employees Deferred Compensation Plan, please contact Chris Burton at 1-800-345-4699.
EGTRRA (Economic Growth and Tax Relief Reconciliation Act) of 2002 allows for the following contribution limits on tax-deferred annuities for 2012: $17,000.00 per year, plus an additional $5500.00 for participants if they will be over age 50 by the end of the calendar year of those older than 50. An additional catch-up provision may also be available for employees with 15 years of service at the university.
Call (985)549-2057 for more information.