The Commissioners' Association of Ohio Deferred Compensation Program is a powerful tool to help you reach your retirement dreams. As a supplement to other retirement benefits or savings that you may have, this voluntary Plan allows you to save and invest extra money for retirement... tax-deferred!
Not only will you defer taxes immediately, you may build extra savings consistently and automatically, have a variety of investment options to select from, and learn more about saving and investing for your financial future.
Read these highlights to learn more about your Plan, and how simple it is to enroll.
What is a 457 deferred compensation plan?
Why should I participate in the Commissioners' Association of Ohio Deferred Compensation Program?
You may also qualify for a federal income tax credit by participating in this Plan. For more information about this tax credit, please contact your Great-West Retirement Services® representative.
Is there any reason why I should not participate in the Plan?
Who is eligible to enroll?
How do I enroll?
What are the contribution limits?
Participants in the 457 Plan have an opportunity to catch-up and contribute more during the final years of their career. "Standard" catch-up allows participants in the three calendar years prior to normal retirement age to contribute more (up to double the annual contribution limit - $33,000 in 2010) into the 457 Plan. The additional amount that you may be able to contribute under the "Standard" catch-up option will depend upon the amounts that you were able to contribute in previous years but did not. You may not use the "Standard" catch-up provision and the Age 50+ catch-up provision in the same year.
What are my investment options?
In addition to the core investment options, a Self-Directed Brokerage Account (SDBA) option account is available through TD Ameritrade, Inc. . The SDBA allows you to select from numerous mutual funds for additional fees. These securities are not offered through GWFS Equities, Inc. The SDBA is intended for knowledgeable investors who acknowledge and understand the risks associated with the investments contained in the SDBA.
How do I keep track of my account?
How do I make investment option changes?
How do I make contribution changes?
May I roll over my account from my former employer's plan?
May I roll over my account if I leave employment with my current employer?
Please keep in mind that if you roll over your 457 Plan balance to a 401(k), 403(b) or 401(a) plan or an IRA, distributions taken before age 59½ may also be subject to the 10% early withdrawal federal tax penalty. Please contact your Great-West Retirement Services representative for more information.
When am I vested in the Plan?
When can I receive a distribution from my account?
What are my distribution options?
What happens to my account when I die?
Are there any recordkeeping or administrative fees to participate in the Plan?
Are there any fees for the investment options?
Funds may impose redemption fees on certain transfers, redemptions or exchanges.
CCAO is paid a fee from fund revenue for providing oversight, staff and other costs to operate the Plan.
Are there any fees for participating in the SDB account?
Are there any distribution fees?
How does my participation in the Plan affect my taxes?
Distributions from the Plan are taxable as ordinary income during the years in which they are distributed or made available to you or to your beneficiary(ies).
How can I get help choosing my investment options?
For more detailed information, please visit your Plan's Web site at www.ccao457.com, enter your Username and PIN, then click on the Reality Investing tab. Or you may call KeyTalk at (888) 672-7240, enter your Social Security number and PIN, press "6," and then "3" to speak to an AAG adviser representative4.
1 All references to the 457 Plan are to a governmental 457(b) plan. Securities, when offered, are offered through GWFS Equities, Inc., a wholly owned subsidiary of Great-West Life & Annuity Insurance Company. Investment options are offered through mutual funds and/or a group fixed and variable deferred annuity issued by Great-West Life & Annuity Insurance Company. Great-West Retirement Services® refers to products and services provided by Great-West Life & Annuity Insurance Company and its subsidiaries and affiliates.
1 All references to the 457 Plan are to a governmental 457(b) plan.
Securities, when offered, are offered through GWFS Equities, Inc., a wholly owned subsidiary of Great-West Life & Annuity Insurance Company. Investment options are offered through mutual funds and/or a group fixed and variable deferred annuity issued by Great-West Life & Annuity Insurance Company. Great-West Retirement Services® refers to products and services provided by Great-West Life & Annuity Insurance Company and its subsidiaries and affiliates.