457(b) and Roth 457(b) Plans
The 457(b) plan offers LSU employees one option through the State of Louisiana Deferred Compensation Plan with Empower Retirement. This plan allows employees to defer a pre-tax portion of earnings into a supplemental retirement account.
The Roth 457(b) feature provides an additional way to save for retirement. Employees may make contributions on an after-tax basis under the Roth option, on the pre-tax basis under the 457(b) plan, or a combination of the two. Although the Roth option doesn't change how much can be contributed, it does provide more control over when contributions - and retirement income - will be subject to federal income tax. If an account is open for at least five years and the employee has turned age 59 1/2, every cent in a Roth 457(b) could be withdrawn tax-free.
Enrolling and/or Inquiries
The Louisiana Deferred Compensation Plan offers ONLINE enrollment and deferral changes for the voluntary 457(b) pre-tax or Roth supplemental retirement plans. You will be able to transact your Deferred Compensation business online, or in person through your Retirement Plan Counselor. Your representative is available in person, by e-mail at firstname.lastname@example.org or by phone at 225-926-8082.
For Non-Contributors: A PIN letter will be mailed via USPS to you if you began working after 7/1/13. This letter will provide instructions to enroll online.
For Existing Participants: If you are currently deferring and would like to change the amount or type (voluntary pre-tax or Roth), log in to your account, go to the Transactions tile and click on Change Payroll Contributions, then follow the directions from that point until you have a confirmation.
If you do not have a PIN and would like online access: Go to www.louisianadcp.com, Click on “First Time Visiting?/Let’s Get Started” and follow the directions to obtain a PIN and gain access.
Please contact Reggie Wheeler at email@example.com, 225-663-5506.
Make an Active Choice to enroll now and start saving for your future!
Maximum Deferral Amount Limits
|Annual Maximum Deferral Amount||$18,000|
|Annual Maximum Deferral Amount for participants age 50 and older||$24,000|
To adjust contributions to an active 457(b), submit the Salary Deferral Agreement to 110 Thomas Boyd Hall.
Termination of employment with LSU allows funds to be rolled over to an IRA or other qualified plan or receive a cash distribution without an early withdrawal penalty. Submit the Distribution Separation form to 110 Thomas Boyd for processing.