Nevada Deferred Comp
This page is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within and the plan document, the plan document provisions prevail. For more information, please refer to the Nevada Public Employees’ Deferred Compensation Program Summary Plan Document.Eligibility
The Plan is a voluntary plan available to all full-time city, county, and non-State employees and permanent part-time employees (hired before January 1, 2004)
. There are no age or length of service requirements. You are automatically 100% vested immediately upon joining the Plan.Contributions
Contributions under the Plan are made by participants through salary reduction. To participate, you must enroll and agree to defer a minimum of $35.00 per biweekly pay period or $70.00 per month. Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. Please review the annual contribution limits
for more information.
If you are enrolled in the Plan and would like to change your contribution amount or stop contributing, you will need to complete a Payroll Contribution Form
. This form can be returned to the NDC Administrative Office by fax or email. Amounts you contribute will remain in the Plan until you become entitled to a distribution under the Plan provisions..Catch-Up Contributions
Age 50, Makeup (military), and Special 457(b) Catch-Up are allowed in the Plan.
Age 50 Catch-Up Contributions allow active participants age 50 and older by calendar year-end to contribute an additional amount to the Plan.
Participants returning from military leave to active employment may be eligible for Makeup Contributions not made during the duration of the leave. Nevada Deferred Compensation would determine eligibility and the amounts eligible for Makeup Contributions.
The Special 457(b) 3 Year Catch-Up is available to participants within 3 calendar years of Normal Retirement Age. If eligible, you must complete a 3 Year Catch-Up Contribution Form and have it validated by the NDC Administrative Office before submitting to Voya for setup.
Age 50 and Special 457(b) Catch-Up are subject to contribution limits
established by the IRS. Withdrawals
Withdrawals are allowed only upon separation from service, attainment of age 72 or death, which are considered to be triggering events. The Plan also includes a provision allowing the in-service distribution of accounts that do not exceed $5,000 if both conditions are met:
- 1. You have not made any contributions to the Plan during the prior two years.
- 2. You have not received this type of in-service distribution in the past.
Please note: The IRS requires that distributions under a 457 plan begin no later than the April 1st of the calendar year following the calendar year in which you attain age 72 or separate from service, whichever occurs later. If you fail to receive the required minimum distribution (RMD) for any tax year, a 50% excise tax is imposed on the amount that was not timely distributed.
If you are eligible and choose to take a withdrawal, there are no withdrawal fees.
When eligible for a withdrawal, your payment options are as follows:
- Systematic withdrawal of your account (for account balances of at least $5,000)
- Deferral of all or a portion of your benefits to a later date
- Lump sum or partial lump sum distribution, in combination with other options
- Annuity Options
- Rollover into Another Eligible Plan
If at a later date you decide your existing payment option may not be appropriate for your current situation, you may make a change. Changes to a previously elected annuity payment option are not permitted. Withdrawal forms can be obtained by contacting NDC’s Plan Information Line at (855) GO-RET-NV
(467-3868) or by logging into your account and visiting the Withdrawals menu.Unforeseeable Emergency Withdrawals
An Unforeseeable Emergency Withdrawal allows funds to be withdrawn from your NDC account to meet an “immediate and heavy financial need.” It’s important to know about this type of withdrawal, including what you need to provide to qualify for one.
Unforeseeable Emergency Withdrawals are limited to:
- Severe financial hardship resulting from an illness or accident.
- Loss of your property due to casualty.
- Medical expenses, including non-refundable deductibles, as well as the cost of prescription drug medication.
- Funeral expenses.
- To prevent the imminent foreclosure or eviction from your primary residence.
- Other similar extraordinary and unforeseeable circumstances arising as a result of events beyond your control.
If an Unforeseeable Emergency Withdrawal is required, you must have exhausted all available loan and withdrawal options first to be considered eligible. Withdrawal amounts may not exceed the amount required to satisfy the emergency plus any amount necessary to cover taxes due on the withdrawal. You must complete and return Unforeseeable Emergency Withdrawal forms with supporting documentation to the NDC Administrative Office for approval according to the Unforeseeable Emergency Withdrawal guidelines. Upon approval, the withdrawal will be processed.
You can learn more about Unforeseeable Emergency Withdrawals by reading about the guidelines and options.
To request an Unforeseeable Emergency Withdrawal, please call the Plan Information Line at (855) GO-RET-NV
(467-3868) weekdays between 5:00 a.m. – 6:00 p.m. PT, excluding stock market holidays.Loans
Active plan participants employed by the State of Nevada are permitted to borrow from their deferred compensation plan account. Loans are limited to one loan at a time with a minimum loan amount of $1,000. The interest rate charged on all loans is Prime + 1% and there is a $100 one-time loan initiation fee. In the event of a loan default, the participant is not permitted to initiate another loan until the defaulted loan is repaid. To learn more about taking a loan, including repayment options, please contact NDC’s Plan Information Line at (855) GO-RET-NV
(467-3868).Please note: Loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.