457 Plan Overview
Below are some of the important features about the Plan. This website is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your local representative.
The Plan is a voluntary plan available to all full-time employees and permanent part-time employees (hired before January 1, 2004) of the State, and employees of political subdivisions and other public entities that have adopted the State Plan.There are no age or length of service requirements. You are automatically 100% vested immediately upon joining the Plan.
Contributions under the Plan are made by participants through a reduction in salary. To participate, you must agree to defer a minimum of $12.50 per biweekly pay period. Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here.
For more information on whether or not you are eligible for the the increased contribution limits, please contact the NDC Local Office.
If you are enrolled in the plan and would like to change your contribution amount or stop contributing, you will need to complete a Payroll Deduction Form. This form must be returned to the Carson City office. The amounts previously contributed will remain in the Plan until you become entitled to a distribution under the Plan provisions.
Withdrawals are allowed only upon separation from service, attainment of age 70½ or death, which are considered to be triggering events. The Plan also includes a provision allowing the in-service distribution of accounts that do not exceed $5,000 if:
- you have not made any contributions to the Plan during the prior two years; and
- you have not received this type of in-service distribution in the past.
Please note: The IRS requires that distributions under a 457 plan begin no later than the April 1st of the calendar year following the calendar year in which you attain age 70½ or separate from service, whichever occurs later. If you fail to receive the minimum required distribution for any tax year, a 50% excise tax is imposed on the required amount that was not timely distributed. These rules are referred to as IRS required minimum distribution (RMD).
If you are eligible and choose to take a withdrawal, there are no withdrawal fees.
When eligible for an withdrawal, your payment options are as follows:
- Systematic withdrawal of your account (for account balances of at least $5,000)
- Deferral of all or a portion of your benefits to a later date
- Lump sum, or partial lump sum distribution in combination with other options
- Annuity Options
- Rollover into Another Eligible Plan
If at a later date you decide your existing payment option may not be appropriate for your current situation, you may make a change. (Please note: you will not be permitted to make a change if you previously elected an annuity payment option.) Withdrawal forms can be obtained by contacting Voya’s Retirement Readiness Service Center at toll-free 800-584-6001 or by logging into your online account and visiting the "Withdrawals" menu.
Active plan participants employed by the State of Nevada are permitted to borrow from their deferred compensation plan account. Loans are not available to plan participants that are employed by the Nevada State Higher Education System, any of the State Alliance Partners or participants of the FICA Alternative Plan. Loans are limited to one loan at a time with a minimum loan amount of $1,000. The interest rate charged on all loans is Prime +1% and there is a $125 one time loan initiation fee. In the event of a loan default, the participant is not permitted to initiate another loan until the defaulted loan is repaid. To learn more about taking a loan, including repayment options, please review the Loan Information Flyer.
Please note: Loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.
For more information, please contact your local representative.
Insurance products issued by Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners LLC (member SIPC). Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. Insurance obligations are the responsibility of each individual company. All companies are members of the VoyaTM family of companies. Securities may also be distributed through other broker-dealers with which Voya has selling agreements. Product and services may not be available in all states. CN-1214-10893-0117