10 benefits of deferred compensation
Enrolling in the Ohio DC savings plan can help you in retirement
By Kristen Dohrmann, Ohio Public Employees Retirement System
July 12, 2017 — You hear it all the time — save as much as you can for retirement while you’re still working. The Ohio Deferred Compensation Program makes it easy to do so. Ohio DC is a supplemental 457 retirement plan for Ohio public employees that can help bridge the gap between what you have and what you’ll need in retirement. If you’re already contributing to an Ohio DC account, you know the benefits of membership. If you’re new to Ohio DC, check out some of what they have to offer:
- Convenient payroll deduction
- Access to retirement planning specialists to assist you and answer your questions
- Planning tools to help you take control of your retirement
- No withdrawal penalties; withdrawal can begin after public employment ends and before age 59½
- Tax-deferred savings to help save on your tax bill
- Quality investment options for both skilled investors and those with less investing experience
- Competitive fees
- Option to roll over other plans into Ohio DC to take advantage of competitive fees
- The SMarT Plan, which automatically increases your deferrals each year to provide greater savings
- Catch-up program to help save more as you near retirement
Enrollment is fast and easy. If you haven’t done so already, visit ohio457.org or call 1-877-644-6457 to get started saving today.
6 thoughts on “10 benefits of deferred compensation”
Joining the Ohio Deferred Compensation Program was one of the best things I ever did.
When I hired in the City of Toledo my Supervisor made me sign up now I do with my new hires what a favor he did for me.
I contributed max allowed during the last 16 years of career. Ended up more than doubling the contributions and the guaranteed option cushioned the effects of the recession in 2007-2009 and now the growth more than makes up for the annual required minimum distribution. All in all, a very well done program and highly recommended to any Ohio Public Employee. I’m not aware the items 9 and 10 were available in the 80’s and 90’s to us, but should be helpful to younger employees.
Deferred compensation is a great way to supplement an OPERS retirement.
I want to roll over my money from Def. Comp to another account. What form do I need to accomplish this plan?
It’s a common misconception that Deferred Compensation is a part of OPERS. Please contact Deferred Compensation at 1-877-644-6457 and a member of their staff can assist you.