Deferred Compensation

Deferred Compensation (457 Plan)

Coverage

Deferred Compensation is a savings and investment plan for your retirement. The Vermont State Retirement System oversees the investment options and established the plan. All contributions can be made on a pre-tax or after tax basis depending upon the accounts you elect.

Cost

Participation in the Deferred Compensation plan is voluntary. You determine how much you wish to contribute to the plan, that amount is then deducted from your paycheck and transferred directly to your Deferred Compensation account. 

Eligibility

The Deferred Compensation plan is available to all state employees and to employees of other public agencies such as municipalities, school districts, boards, and commissions if the public agency has elected to offer it. Initial enrollment forms must be completed and submitted to Great West Retirement Services in order for the State to start your elected deductions. If interested in starting a Deferred Compensation plan, please see the below information to contact Great West Retirement Services directly to start enrollment. For changes to an existing Deferred Compensation Deduction, an election/change form can be found under Forms & Documents.

Administrator

Empower Retirement
100 State Street, Suite 334
Montpelier, VT 05602
(800) 457-1028 (toll-free)
(802) 229-2391
(802) 229-2637 (fax)
www.vermont457.com

Contact

Employee Benefits
(802) 828-6700
 Press 1 for HR and then 3 for Benefits
 

Forms & Documents

Deferred Compensation Form