About Hoosier S.T.A.R.T.
Hoosier S.T.A.R.T.: Indiana Deferred Compensation Plan
In addition to defined benefit plans like PERF, defined contribution plans are a valuable and important tool to help Hoosiers adequately prepare themselves and their families for retirement. As administrator of Hoosier S.T.A.R.T., the State of Indiana Deferred Compensation and the Matching Incentive Plans, I encourage all Hoosier state and eligible local public employees to utilize this significant before-tax savings benefit as part of their retirement planning. The Hoosier S.T.A.R.T. 457 and 401(a) plans, like their private sector counterpart, the 401(k) plan, offer public employees a voluntary way to save for their retirement through tax deferred contributions to their own individual accounts.
The Indiana plan serves all 40,000 State employees as well as the employees of over 200 local government units. Currently, about half of eligible state employees save for their retirement through this plan. Their aggregate account balances now total approximately $685 million. Participants may select from among 15 investment options offered by the Trustees of the Plan, the Indiana Deferred Compensation Committee .
As an incentive to participate in the Deferred Compensation Plan, State employees who defer at least $15.00 of their income per pay period receive a $15.00 match to their Deferred Compensation account every (bi-weekly) payday. This matching money from the State, which doubles each participating state employee's first fifteen dollars invested every pay cycle, can be obtained simply by enrolling in the Deferred Compensation Plan and deferring that minimal amount. Employees of participating local subdivisions need to check with their employer to see whether it has a matching plan for them. For a list of local subdivisions currently offering a matching plan within Hoosier S.T.A.R.T., click here (local subdivisions that have adopted the matching plan are listed, but interested employees must check with the local subdivision to determine whether the match is currently funded).
I'm very proud to have selected Great-West Retirement Services to serve as the Plans' third party administrator. Great-West provides a dedicated staff of Hoosier S.T.A.R.T. representatives, including four representatives who serve different areas of the state. The representatives provide on-site training and guidance on the services the plans have to offer, including education and enrollment meetings throughout the state. Hoosier S.T.A.R.T. participants may also check their account balances and process transactions 24 hours a day online at http://www.hoosierstart.com/, a website specifically tailored to the Hoosier S.T.A.R.T. plans by Great-West.
To enroll, check your account, or to check the location of a future enrollment or educational meeting near you, visit the website or call the Plans' toll free number at (877) SAV-N-RET (728-6738), option 2, to speak to customer service representative at the Hoosier S.T.A.R.T. local office.
