UPDATED CONTRIBUTION MAXIMUMS FOR 2023
The under age 50 maximum annual contribution will increase to $22,500
The age 50 and over maximum annual contribution will increase to $30,000
Deferred Compensation is a savings and investment plan for your retirement. The Vermont State Retirement System oversees the investment options and established the plan. All contributions can be made on a pre-tax or after tax basis depending upon the accounts you elect.
Participation in the Deferred Compensation plan is voluntary. You determine how much you wish to contribute to the plan, that amount is then deducted from your paycheck and transferred directly to your Deferred Compensation account.
The Deferred Compensation plan is available to all state employees (including temporary 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.
Enrollment and Deduction Changes
You can enroll, change your deduction, or stop your deduction online by navigating to the Deferred Compensation module in Self-Service:
Main Menu > Self Service > Benefits > Deferred Compensation Enroll
If you are unable to complete the process online, contact DHR.Benefits
Empower Retirement - Vermont Retirement Systems
(for account access and questions regarding disbursements)
Contact Your Local Representatives (for investment counseling)