You may change or stop deductions at any time. If you choose to discontinue contributions, your match contributions will also be discontinued.
| Regular Paycheck | Final Paycheck |
|---|---|
RIC 457 payroll deduction elections are made in Workday and will affect the next available check from the date of your request. To make an election, log into Workday and choose the Benefit Plan option that includes the:
You will then select the contribution type of either dollar amount or percentage (of gross pay) and enter the dollar amount or %. See IRS maximum 457 contribution limits. For more information, review the Deferred Compensation Smart Guide Note: We no longer process payroll change requests submitted on the RIC Account Form. | If you are requesting a final check payroll deduction, do not make the election in Workday. Complete and submit the RIC Special Deduction Request form. |
Workday Terminology
- Retirement Savings refers to the employer-sponsored voluntary retirement savings benefit for State employees. This is not IPERS.
- Available Benefit Plans for the 457 plan refer to the multiple options that describe participant elections for the following: RIC Provider, how the deduction will be taxed, and the payroll frequency.
- Percentage of Pay is based on the percent of gross salary you elect to deduct. The percent you choose will be deducted from each paycheck in the frequency you elect.
- Pretax Deductions are not taxed when invested. This results in a reduction of reported taxable income to the IRS by the amount saved to RIC in the tax year. Taxes are taken when withdrawn.
- Roth (post-tax) Deductions are taxed before being invested. Earnings are tax-free if qualified.
- Payroll Frequency options include all paychecks in a year, just the 1st and 2nd paychecks of each month, or only 1 paycheck each month (participant elects 1st or 2nd paycheck).