The WRS Deferred Compensation Plan is designed to help you invest for retirement. You contribute a portion of your salary to the plan each month, and your contributions are automatically deducted from your paycheck – before you’re tempted to spend that money on something else.
-You are eligible to participate as soon as you begin work.
-You are always 100 percent vested in your Deferred Compensation Plan account – meaning you own the full account balance and can take it with you when your employment ends.
-You decide where to invest your contributions, giving you control over your retirement savings destiny. The plan offers several investment options. You also have the option to start, stop, increase or decrease your contributions at any time. Keep in mind, however, that your elections are effective the month after you submit the paperwork.
-You also have the advantage of the WRS Board’s oversight. It makes sure the investment options in the plan offer opportunities for broad diversification, and it rigorously evaluates each of the funds in the plan. The Board may remove or replace a fund if it is not performing up to established benchmarks. However, it’s important to keep in mind that the WRS Board cannot guarantee the performance of any fund and is not responsible for investment results.
WRS has specific forms related to your 457 Plan available for downloading.