WV457


Building A Bridge To Your Future    


Additional Plan Summary Information

This Plan was established by Section 457 of IRS code and is very similar to a 401k Plan for private sector employees. Voya Financial Services is the Plan’s third party administrator providing investment, recordkeeping and other participant services.


Benefits of participation include lowering taxable income, federal tax credits and compounding of investment returns on pre-tax dollars. Employees can begin contributing for as little as $10.00 per pay period.

Participants may defer up to 100% of net income, at a maximum of $18,000 in 2015. Participants age 50 or older may make additional deferrals up to $6,000 per year for a maximum of $24,000 in 2015. Earnings on Plan contributions grow tax-deferred until withdrawn at retirement.

The Plan also allows for "catch up" provisions during the 3 consecutive years prior to normal retirement age. The "catch up" limit is double the base contribution limit, but does not include adjustments for those over age 50. [The catch up limit for 2015 is $36,000.00.] There are qualifications that must be met to utilize the "catch up" provision. Please contact Voya Financial Services representative Steve Kerns at 800-422-7498 for additional information.


Additionally, employees may transfer assets from other retirement plans (401(a), 401(k), 403(b), or an IRA) into the West Virginia Deferred Compensation Plan. Voya Financial Services offers many investment options from various investment managers. Investment allocation changes and/or fund transfers can be managed online by accessing the Voya website or by contacting Voya National Customer Service at 800-584-6001.


For more complete information, including charges and expenses, please consult a fund prospectus. Fund prospectuses can be obtained by contacting Voya National Customer Service at 800-584-6001. Please read prospectus carefully before investing.