Human Resources

Retirement Investors' Club (RIC)

Basics

The Retirement Investors' Club (RIC) is a voluntary savings program that allows you to set aside a portion of your salary for use in retirement.. While you are participating in RIC, payroll deductions in the amount you choose are taken from your paycheck (before state and federal taxes) and deposited into a 457 employee contribution account. Your employer matches a portion of your contributions. The State's matching contributions are deposited into a 401(a) employer match account. See 2008 Maximum Contribution Limits. There are no vesting schedules for these accounts.

View additional information about this great employee benefit on the links below. Please contact RIC if you have questions.

Eligibility	Contributions (3-yr Catch-Up)	Hardship Withdrawals	Program Summary
Employer match	Providers & Investments	Distributions	Investment Provider Summary
Enrollment	Tax benefits	Provider Transfers	Investment Fees

View slides from Updates Seminar

How your RIC accounts work

while you are employed...
pretax deductions are taken from your paycheck & deposited into your selection of investments in your 457 employee contribution account	457	401(a)	pretax contributions from your employer are deposited into your selection of investments in your 401(a) employer match account
once you terminate from State employment...

You may leave your money in RIC, take flexible payments, a lifetime benefit, or roll over to an IRA, 401(k) or other eligible plan. If you roll your 457 out of RIC, your assets may become subject to an IRS 10% penalty for taxable distributions made from your new plan prior to age 59 1/2.

Please note: You cannot receive payment from your account while employed unless you apply and qualify for a Hardship Withdrawal, a Cash Out, or a Service Credit Purchase.