Do you find yourself asking questions such as, "Will I be able to live on a reduced income when I am no longer working?" or "Will I have enough money to do the things I want to do when I retire?" As a LASERS member and participant in a defined benefit plan, you are guaranteed a pension for life once you retire. However, if you choose to participate in the Deferred Compensation Plan (DCP), also known as a 457 Plan, you may enhance your nest egg with this supplemental retirement plan.
The DCP, administered by Great-West Financial, is a voluntary plan which allows salary contributions "before-tax dollars," which means you pay less in taxes now.
To find out more about the benefits of the Deferred Compensation Plan and how to participate, visit the Great-West website, www.LouisianaDCP.com.
Please note that LASERS does not offer financial, legal, or tax advice.
What is Deferred Compensation?
Listen to our podcast!
Click here to listen to the first LASERS podcast, What is Deferred Compensation? Host Darren Fournerat and Great-West Financial representative Connie Stevens discuss the benefits of the plan in detail. The publication, Benefits of Enrolling in Your 457 Plan, is another great resource.