William M Mercer has been appointed by the Kentucky Public Employees Deferred Compensation Authority for the $260m stable value component of its Section 457 and 401(K) voluntary retirement plan.
Mercer's contract with the Authority is for three years, with two one year extension options. The Kentucky Public Employees Deferred Compensation Authority is a voluntary supplemental retirement benefits program available to the state's public employees, which includes employees of Kentucky's schools systems, state universities and local government entities.
The Authority offers two choices to plan participants, a Section 457 plan and a 401(K). The 457 plan, which has been available to participants since 1975, allows the states public employees to supplement their retirement plans. Contributions are made through payroll deduction and are tax deferred, which means that no federal or state taxes contributions or investment earnings are applicable, until the money is paid out to participants.
By Geoffrey Ho
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