The State of Indiana Hoosier START Plan 457(b) and 401(a) Deferred Compensation and Matching Incentive Plans sponsored by the Indiana Auditor of State helps employees prepare for and live in retirement. On average, state employees receive around 45% of their current income from their pension plan, and Social Security benefits vary. Most industry experts agree that all of us will need to supplement these benefits with savings or investments. In fact, experts also suggest we all may need between 75% and 90% of our current income just to maintain our current standard of living in retirement. If you think you might have a gap between what you have and what you need, participation in Hoosier START could help you resolve that gap.
Hoosier START offers both a 457(b) and a 401(a) Plan. The available plans include:
- 457(b) Traditional Deferred Compensation Plan — tax-deferred (pre-tax), available to eligible State of Indiana employees and eligible public employees of local subdivisions or local units of government which have adopted the Plan.
- 457(b) Roth Deferred Compensation Plan — after-tax, available to eligible State of Indiana employees and eligible public employees of local subdivisions or local units of government which have adopted the Plan.
- 401(a) Matching Plan — tax-deferred (pre-tax), and available to eligible State of Indiana employees. Some participating local subdivisions also offer an employer match. Please check with your employer.