Wednesday, January 27. 2010
The state sponsored Kentucky Deferred Compensation Authority has, since 1975, provided supplemental retirement plans on a tax-sheltered basis to public university employees, public school employees, and state and local government employees in Kentucky. Although this benefit has been available to MSU employees, our ability to contribute dollars to an additional retirement plan was greatly limited. In the past, the 403(b) primary retirement plan dollars absorbed much of the IRS maximum dollar limit. Now, the IRS regulations have changed to allow Kentucky Deferred Compensation’s 457 plan deferrals in addition to 403(b) contributions. This is very good news for MSU employees who want to tax shelter additional dollars through the Kentucky state sponsored 457 plan.
Year 2010
457 Limit: $16,500 (under age 50) | $22,000 (age 50 and older)
403(b): $16,500 (under age 50) | $22,000 (age 50 and older)
Combined limit: $33,000 (under age 50) | $44,000 (age 50 & older)
Kentucky Deferred Compensation also offers a pre-tax 401(k)* through payroll deduction, and Traditional and Roth IRAs available by individual contributions only (not payroll deducted).
Kentucky Deferred Compensation features:
- Not-for-Profit State Plans created by the Kentucky Legislature in 1975
- Administration is provided by Kentucky State Government employees
- Low Fees
- Local personalized assistance
- Award winning, customized, secure website
- Automated 24 hour toll free “Saver Line”
- Well known and proven investment choices.
The local Kentucky Deferred Compensation representative, Ms. Donna Richardson, will be available with more information on Friday February 12, 2010, at the Curris Center in the Ohio Room. Ms. Richardson is a Registered Representative and a Certified Retirement Counselor, so don’t miss this opportunity to speak with her about your financial future. Please contact her at 270-293-0870 or by e-mail at richad11@nationwide.com to schedule your one-on-one appointment today. *Note: You may or may not be eligible for the pre-tax 401(k) plan depending on your 403(b) contribution status. Plan service representatives are registered Representatives of Nationwide Investment Securities corporation, member FINRA