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Deferred Compensation

What is Deferred Compensation

Deferred Compensation is a savings and investment plan for your retirement. The board of the Vermont State Retirement System established and administers the plan and oversees the investment options that the plan offers. You are eligible if you are a State employee or legislator; a state teacher working for Corrections, Education or SRS; or a Municipal employee in a participating municipality. The advantages of the Deferred Compensation plan are:

  • All contributions are tax-free,
  • All earnings from investments in the plan are tax-deferred until you withdraw the money at retirement,
  • Financial security. Remember, a secure retirement depends upon three income sources: your pension or Defined Contribution retirement account, Social Security, and your personal savings. Deferred Compensation is a great way to create a personal savings account for your retirement

Participation

Participation in the Deferred Compensation plan is voluntary. You determine how much you wish to contribute to the plan and that amount is deducted from your paycheck and transferred to your Deferred Compensation plan. The Deferred Compensation plan is available to all state employees and to employees of other public agencies such as municipalities, school districts, boards, and commissions if the public agency has elected to offer it.

Great West Retirement Services

Great West Retirement Services (formerly known as BenefitsCorp) is the firm retained by the Vermont State Retirement Board to administer the Deferred Compensation program. Great West Retirement Services has a web site for the State of Vermont Deferred Compensation Plan at https://vermont457retire.gwrs.com . You can use this web page to check on your account information, review and change your investment options and learn about investing. If you have a Deferred Compensation account, sign on with your Social Security Number and PIN. If you do not have an account, click on "Guests" to visit the site.

You can also contact Great West Retirement Services at 1-800-457-1028 or 802-229-2391.