Voluntary 457(b) Plan
Ohio Public Employees Deferred Compensation Program
The Ohio Public Employees Deferred Compensation Program (OPEDC) is a Supplemental Retirement plan (under the IRS Code Section 457) that offers all public employees located in the State of Ohio the opportunity to accumulate tax-deferred assets to meet their long-term financial goals and to provide a desirable lifestyle and peace of mind in retirement.
The OPEDC Program is unique in that it is a public, not-for-profit organization created by Ohio legislation and administered by a 13-member Board of Trustees with public employees’ best interests in mind.
The OPEDC Program provides participants with educational tools, a diverse set of investment options, flexible savings and withdrawal options, as well as portability when changing jobs within the public sector.
Faculty and staff at Cleveland State University may participate in both the Voluntary 457(b) plan and Voluntary 403(b) Retirement Savings Plans. The IRS contribution limits for each plan are separate.
An important difference between the OPEDC program and a 403(b) plan is: Money can be withdrawn from a 457(b) plan after termination of the job but prior to age 59 1⁄2 without a 10% penalty (unless the money came into the 457(b) plan as a rollover from a 403(b), 401(k) or IRA). The IRS establishes plan limits for pre-tax contributions each tax year. The University does not contribute toward this plan.
How to Start a 457(b) Account
To establish an account, stop or change contributions, contact Ohio Public Employees Deferred Compensation (OPEDC) directly at 877.644.6457 or visit their webpage. OPEDC determines effective dates of contributions and will notify Human Resources when to setup payroll contributions and/or make changes. In general, allow 30 days to enroll or make changes to an account.