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457(b) Deferred Compensation Plan

Wayne State University offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. 
Learn what plans allow eligible employees to do.
WSU offers this 457(b) Deferred Compensation Plan as part of an excellent benefits package because our University success depends on the talent of our faculty and staff. You can save before-tax (i.e., the amount you contribute is deducted from your pay before income taxes are taken out) and reduce your taxable income. This plan is established under Section 457(b) of the Internal Revenue Code.
Double Your Retirement Savings: The employee contribution limit for the 457(b) plan is separate from the 403(b) plan, so you can defer an additional $19,500 in pre-tax dollars to the 457(b) plan. Those who are age 50 and over may also contribute an additional $6,500 to the 457(b) plan.
You may start your Employee contributions any time after your date of hire in an eligible classification. New first-time 457(b) contributions will be effective on the first pay date of the next month after the form is received by the HR Service Center.
"Vesting" in a retirement plan means ownership. Employee contributions are fully vested at all times. This means the amounts cannot be forfeited, even if you terminate your employment with WSU.

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Enroll or make changes in your plan(s) today