State of Illinois Deferred Compensation Plan
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- Welcome to Empower!
If you missed the live webinars provided by Empower in July, please watch this 15 minute presentation covering the same material.
- The State of Illinois Deferred Compensation Plan transitioned from T. Rowe Price to Empower on July 1, 2022.
If you would like to make any changes to your Plan account, please register online at myillinoisdcplan.com, call (833) 969-4532, or download the Empower app. To register your account online, Empower will need to have a valid email address or text capable phone number already on file in order to complete the required two-factor authentication process. If they do not already have that information on file, please contact CMS at (217) 782-7006 for assistance.
The State of Illinois Deferred Compensation Plan (“Plan”) is a supplemental retirement program for State employees. Contributions to the Plan can be made on a pre-tax or Roth basis through salary deferrals. The combined pre-tax and Roth contributions cannot exceed the limit set by the IRS. In 2022, employees are allowed to defer up to $20,500. Employees over aged 50 are allowed to defer up to $27,000. Employees enrolled in Special Catch-Up are allowed to defer up to $41,000. Participants that are within three years of retiring must contact CMS Deferred Compensation to apply for Special Catch-Up.
Pre-tax contributions, together with any earnings, accumulate tax-deferred until the employee terminates service, dies, or incurs unforeseeable financial hardship. Once distributions begin, the distributed monies are fully taxable as ordinary income for federal tax purposes. The funds are never taxed by the State of Illinois.
Roth contributions, together with any earnings, qualify for tax-free distribution when the initial after-tax contributions to the account are at least 5 years old and the employee is age 59 ½ or older, dies, or becomes disabled.
Determine the investment results for each of the funds and their appropriate benchmark indexes.
CMS Deferred Compensation Office
801 S. 7th Street
PO Box 19208
Springfield, Illinois 62794-9208
800-442-1300 (Toll Free)