Supplemental Retirement Information

 Supplemental Retirement Information

 STATE OF TEXAS DEFERRED COMPENSATION PLAN

TEXA$AVER 457 PLAN

Employees may enroll in a deferred compensation plan that allows the employee to defer a portion of their income and deposit it with a company approved by the State of Texas. Benefits paid to the employee or beneficiary equal the value of the deferred compensation account. The State's liability will never exceed the value of that account, and the State will not be liable for any losses resulting from depreciation or a loss in the value of the account.

Texa$aver Program Official Website

 

MAXIMUM CONTRIBUTION LIMITS

The IRS limits for voluntary contributions to the 403(b) tax deferred annuity and 457 deferred compensation programs for calendar year 2009 are as follows:

Plan Type
Maximum
Annual Deferral
Age 50 & over
catch-up additional amount
403b
$17, 500
$5,500
457
$17,500
$5,500


  TAX DEFERRED ANNUITY (TDA)

The tax deferred annuity program or supplemental retirement annuity is offered to all benefits-eligible employees. Investments are through life insurance companies and mutual fund companies licensed to do business in the State of Texas. All contributions are excluded from taxable income until distributed from the account to the employee. Contributions to a TDA are employee only. The minimum monthly contribution is $25.00. An employee can withdraw contributions from the account at separation of service or upon obtaining age 59½.  Employees may enroll in TDA at any time, but may change carriers only twice per year.