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Idaho Transportation
Department

Office of Communications
P.O. Box 7129
Boise, ID 83707
208.334.8005
Fax: 208.334.8563

 


Information available on deferred comp options

The State of Idaho deferred compensation plan is a tax-deferred retirement plan developed in the late 70s specifically for public employees.  Internal Revenue code (IRC 457) otherwise known as “Deferred Compensation” allows employees of the state to set aside a portion of their income pre-tax to a supplemental retirement plan.  A unique benefit to the 457 plan is that there is no 10 percent penalty for early withdrawal.

Other supplemental plans such as 401(k), 403(b) and IRA’s are penalized 10percent for withdrawals prior to age 59 1⁄2.  The deferred compensation plan is designed to bridge the gap between what is needed for retirement and what PERSI pension and social security will provide.
 
The Plan Sponsor of the plan is the State of Idaho and is governed by a sub-committee of the Board of Examiners who meet quarterly.
 
Contribution limits

Minimum:  1 percentof Pay
Maximum:   $15,500 annually
Over age 50:  Additional $5,000 per year
Catch-up:  If you are within 3 years of retirement you may contribute double the annual maximum or $31,000 per year.

$50 bonus plan
 
A $50 bonus is contributed to state of Idaho participants who Join or Increase participation in the plan by 1 percent of pay. 
 
To enroll, please contact your district business office or Human Resource Services for instructions.
 
Deferred Compensation representatives: (Retirement Specialist)
 
Representatives around the state are salaried employees who are securities licensed (series 6, 7, 65, 66) and have CRC (Certified Retirement Counselors) designations.

Territory Name Phone number   e-mail address
North Idaho David Miller 208-755-8238     milled76@nationwide.com  
Boise John Carver 208-342-8657x2  carverj1@nationwide.com
Twin Falls/Burley Jason Daum 208-342-8657x5 daumj2@nationwide.com
Eastern Idaho Ryan Gillette 208-681-5655  gilletr1@nationwide.com

Retirement Plan Advisor

Territory Name
All of Idaho Mitch Williams

This service is for participants in the plan that are over age 50 and are interested in a “Personal Retirement Planning Analysis” to help in planning for retirement.  Contact your local retirement specialist for information on how to obtain your personal analysis.
 

Published 8-29-8