A Deferred Compensation Plan allows employees to accumulate tax-deferred savings for retirement.  Employees can elect automatic payroll deductions, subject to the annual maximums.  The maximum for 2009 is $16,500 ($22,000 for employees age 50 and over).  The state offers plans from three providers: ING Retirement Services, Fidelity Investments and AIG/VALIC.  Eligible state employees can participate in one, two or all three plans at once.  (Please see the college/university websites for information on retirement savings plan opportunities for Board of Governor employees.)

The enrollment and ongoing service for state employees is handled directly by the vendors.  Information on the services offered by the vendors as well as details regarding enrolling in any of the three Deferred Compensation Plans can be obtained by calling the following numbers:

ING Retirement Services                       1-866-387-9003

Fidelity Investments                               1-800-343-0860

AIG/VALIC                                              1-800-448-2542

For plan participants, personal account balances can be viewed on-line at the following website addresses:  www.ingretirementplans.com/custom/rhodeisland , www.fidelity.com, and www.aigvalic.com.

Note: Federal regulations require that any money contributed to a Deferred Compensation Plan has limited withdrawal options.  Employees should view their contributions to a Deferred Compensation plan as a long term retirement investment account rather than a savings account.  Withdrawal of funds for active employees is generally limited to severe financial hardships such as bankruptcy or similar legal orders.