Deferred Compensation
In accordance with Chapter 609.509 of Texas Government Code, the Board of Trustees (Board) of the Employees Retirement System of Texas (ERS) is authorized to contract for the necessary goods and consolidated billing, accounting, and other services provided with a deferred compensation plan. As of August 2023, there are approximately 237,415 401(k) accounts and 33,665 457 accounts totaling over $4.5 Billion in assets.
Compensation Program
In accordance with Chapter 609.509 of Texas Government Code, the Board of Trustees (Board) of the Employees Retirement System of Texas (ERS) is authorized to contract for the necessary goods and consolidated billing, accounting, and other services provided with a deferred compensation plan.
Deferred Compensation History
Under the auspices of the Texas Comptroller of Public Accounts (CPA), the State of Texas introduced a 457 Plan as the state's Deferred Compensation Program (Program) in 1974.