Arkansas Diamond Deferred Compensation Plan (457b)
The Arkansas Diamond Deferred Compensation Plan is a voluntary 'retirement savings plan' that allows payroll deduction contributions with pre-tax dollars. The employee may choose a voluntary dollar amount to be payroll deducted up to annual contribution limits set by the IRS. The employee selects from the investment options provided by the plan. The benefit is realized through the growth of their contribution, which is tax-deferred. Upon retirement, the employee may choose to receive their retirement savings back through a lump-sum payment or monthly pay-out.
CitiStreet is the administrator and record keeper for the plan effective April 2002. (Prior record keepers were Diversified Investment Advisors (DIA) and Variable Annuity Life Insurance Company (VALIC)). State employees are eligible to participate in the plan upon hire. Interested state employees should contact the company representatives directly for more information.
Citistreet
Participants can obtain information and manage their account online though the CitiStreet website by entering their social security number and PIN (personal identification number.) If they did not receive a PIN in the mail or if they do not remember it, employees may request a PIN number or reminder by calling CitiStreet at 1-800-905-1833 and saying "Customer Service" to speak with a participant services representative. For general information without logging in, select "Arkansas Plan" under the Options menu.
Walk-in visitors are welcome in the Arkansas Office, however, it may be more convenient for you to call to request that a CitiStreet representative actually come to your location. Stephens, Inc. provides consultation to the plan. Licensed investment advisors are available to plan participants by calling 1-866-275-0457.
Name
Address
Telephone
CitiStreet
Corporate Office
3 Batterymarch Park
Quincey, MA 02169
800-905-1833
CitiStreet
Arkansas Office
Regions Bank Bldg.
400 W. Capitol Ave, Suite 1611
Little Rock, AR 72201
In Central Arkansas: 501-301-9900
Toll Free: 866-271-3327
Annual Contribution Limits
The IRS has greatly increased the annual limits for pre-tax contributions to 457b plans. The following amounts can be contributed in the corresponding tax years:
457b Catch-Up Provisions
In addition to higher contribution limits, the IRS also allows 'catch up contributions' in two situations: Over 50 Catch-Up and Pre-Retirement Catch-Up.
Over 50 Catch-Up (if 50 or over during the year): Plan participants that are age 50 or over can contribute an additional amount above the annual limits below. After 2006, the amounts are indexed in $500 increments:
Pre-Retirement Catch-Up: For each of the last 3 years ending prior to but not including the year of a participant's normal retirement age, the employee can contribute the lesser of twice the deferal limit (based on numbers below) or the cumulative underutilized limitation amount from prior years.
