News from the Office of Nevada Deferred Compensation
Retirement Toolkit
State and Local Governments are permitted under current IRS rules to offer Deferred Compensation (457 plan) plans to its employees. Since 51³Ô¹ÏºÚÁÏ is a state agency, we also offer this plan to our employees. This plan is administered by the .
Currently, employees can open an account with Voya Financial and contributions are taken from the employee’s paycheck through Workday and sent directly to Voya. Contributions can be made pre-tax and investment earnings are tax-deferred or post-tax (Roth) and earnings will be tax free upon eligible withdrawal.
To participate in this plan:
- Navigate to the and click on the Benefits worklet.
- Click on Retirement Savings under the Change column to edit your voluntary retirement benefits.
If you are already participating in the plan and wish to change your deferral amount you can change your deferral amount though .
For more information about the NDC Plan, please view the .
2024 Contribution Limits
Deferral Limits for 2024 – The IRS sets limits on the amount that you can contribute to the Plan each year. The annual deferral limits for 2024 are listed below:
| Year | State of Nevada Deferred Compensation 457 Plan Regular Contribution Limits | 50+ Catch-Up Additional Contribution Limits |
|---|---|---|
| 2024 | $23,000 | $7,500 |
Withdrawal
Participants are eligible to withdraw funds from the plan when you:
- Separate employment
- Are age 701/2
- Die