The employee may elect to have the contributions returned once employment has been terminated. As an alternative, the employee may elect to be on the employer-paid plan. In the latter plan, the employee's taxable gross income is reduced and the contributions are not returned to the employee upon termination. An employee is vested after five years of service. Any amounts contributed to this plan reduce taxable gross income in the year of the contributions pursuant to Internal Revenue Code Section 457.
Participants have several investment options from which to choose.
The employee may elect to participate in several optional programs offered by the State.