If you are a State of Montana Employee, University System Employee, or your employer has contracted with MPERA to join the 457(b) Deferred Compensation Plan, you are eligible to participate.
The Deferred Compensation Plan is a great way to supplement your retirement. You can choose to contribute a portion of your paycheck and your contributions will be deducted automatically, tax deferred. This means, you will not pay taxes until you withdraw money from your account.
Some advantages of the Deferred Compensation Plan are:
You choose how much you want to contribute to your account, within IRS limits.
You decide where to invest your contributions among the options available within the plan.
You can start, stop, increase or decrease your contributions at any time. Elections are effective the month after you submit your paperwork.
You are always 100% vested in your Deferred Compensation Account. This means, you can begin withdrawing your money after you have terminated your employment for more than 30 days.
The Public Employees’ Retirement Board (PERB) and the Employee Investment Advisory Council (EIAC) regularly review the fund options available within the plan. The Board may remove or replace a fund if it is not meeting the benchmarks established in the investment policy statement.
Additional Information: Frequently Asked Questions
Ready to sign up? Just complete the Enrollment Form and send it to Empower Retirement.
Empower Retirement (formerly Great-West Financial) is the recordkeeper for the state of Montana 457(b) Deferred Compensation Plan. To enroll in the Deferred Compensation Plan, please contact Empower Retirement at 1-800-981-2786 for our Helena office.