Before any deferrals began, you'll need to complete a Participant Action Form, which must be signed and processed by the State prior to the plant of the month immediately prior to the 10th of the month immediately prior to the month deferral start to begin. Soon after you submit your form, regular reductions will continue until you submit a change or cancellation, or until you reach the maximum allowable deferral for the year. The dollar contributions limit is subject to annual adjustments by the Secretary of the Treasury based upon changes in the cost of living. The dollar ceiling is the only limit subject to annual adjustments. The additional deferrals must be made within the last three calendar years preceding the normal retirement calendar year.
Special paperwork is required.
Canceling Deferrals You may stop future deferrals at anytime. Suspensions must be processed by the Deferred Compensation Section of the Department of Insurance prior to the 15th of the month immediately prior to the month in which the change will occur. Previous deferrals may not be withdrawn, however, until you meet one of the conditions for withdrawal.