Bookmark and Share

General Plan Information


What is a deferred compensation plan?

The Deferred Compensation Plan allows you to voluntarily set aside a portion of your income before it is taxed. The amount set aside, plus any change in value (interest, gains and losses), is payable to you or your beneficiary at a future date. Upon becoming eligible to participate in the Plan, you may elect to defer your income on a pre-tax basis. By doing so, you agree to reduce your salary by an agreed-upon amount. This amount may not exceed certain requirements (outlined below).

Top of page

How do I enroll?

You may enroll directly on the Great-West site (PIN required). Request your PIN.

Top of page

What is the minimum and maximum amount I may defer?

The regular contribution limit for those UNDER age 50 is $17,500 in 2014.

Members age 50 or older will be able to make additional contributions. The increased contribution amount is $5,500 for 2014.

You may defer a minimum of $50 per month ($25 each pay period).

Top of page

What is the “catch-up” provision?

The catch-up provision is available to employees who are within three years of their normal retirement. Catch-up allows you to make up for contributions you could have made during previous years of state employment but didn’t.

The catch-up limit is double the regular contribution limit. For 2014, this equals $35,000.

You may contribute under the catch-up provision for a maximum of three consecutive years. Once you elect catch-up, if you do not utilize it for all three consecutive years, you cannot make up the amounts not utilized at a later time or with another employer.

The age 50 and over catch-up and the regular catch-up provision cannot be used in the same year.

Top of page

Can I change my contribution amount?

You may increase or decrease your contribution amount once per month.

Top of page

What if I need to make investment changes?

You may make transfers among existing fund options and allocation changes for future contributions once a day. There is no charge. Changes may be made by telephone via KeyTalk® at (800) 232-0859 or on the Great-West Web site.

Top of page

What are my investment options?

The Plan provides for twenty-seven investment alternatives. Once contributions have been allocated among these funds (in whole percentages ranging from 0% to 100%), money may be transferred across funds daily.

Top of page

How can I get help choosing my investment options?

Your Plan offers access to three different levels of investment advisory tools and services called Reality Investing® Advisory Services. You can have Advised Assets Group, LLC (AAG), a wholly owned subsidiary of Great-West Life & Annuity Insurance Company and a federally registered investment adviser, manage your retirement account for you. Or if you prefer to manage your retirement account on your own, you can use online investment guidance and advice tools. These services provide a retirement strategy based on your investment goals, time horizon and tolerance for risk. There is no guarantee that participation in Reality Investing Advisory Services will result in a profit or that your account will outperform a self-managed portfolio.

Top of page

For Advisory Service Fees, Plan expenses, Plan Payment Options, Tax Information, Account Tracking, and Other Information:

Top of page

Transactions Required Through Great-West Retirement Services

The following transactions must be conducted through Great-West Retirement Services:

  • Inactive and Retired Employees: Changing your address or your name. (Active employees: Contact your employer to change your address or name.)
  • Account Withdrawals: Great-West Retirement Services processes all Plan payments. Great-West Retirement Services should be contacted for information on how to complete disbursement forms and for the status of pending payments.
  • Hardship withdrawals

To contact Great-West Retirement Services, call (800) 232-0859 and remain on the line.

Top of page

Plan Administrator

The Division of Retirement and Benefits is responsible for the overall administration of this plan. To contact the Juneau Division of Retirement and Benefits office, call (800) 821-2251, or (907) 465-4460 from Juneau.

Top of page