Indiana Hoosier Start Retirement Account is a tax-deferred retirement account available to employees of participating Indiana state and local government agencies. It is similar to a private sector 401(k) plan. Participants may contribute pre-tax or post-tax dollars into individual accounts. Some participants also have the option to make a special catch-up contribution in the three calendar years before they reach their normal retirement age. Hoosier start is offered through Nationwide. Investment advice for Hoosier start is provided by Nationwide Investment Advisors, LLC (NIA), an SEC-registered investment advisory firm. For more information, please contact your Retirement Specialist. NIA has retained Wilshire Associates to provide independent financial expert services for Nationwide ProAccount.
Nationwide Hoosier Start 457 and 401(a) Retirement Plans
The Hoosier Start 457 and 401(a) retirement plans offer Indiana state and local government employees the opportunity to save for their future through tax-deferred contributions. They are similar to private-sector 401(k) plans. State employees receive a dollar-for-dollar matching contribution from their employer. Employees of cities, counties, towns, and other political subdivisions may also be eligible for a matching contribution. The plan offers participants the option to make pre-tax or Roth contributions. They can also choose to contribute additional funds using the Special Catch-up provision. They can do this for three calendar years prior to their normal retirement age. This is an excellent way to increase your savings potential for retirement.
Nationwide Retirement Solutions, based in Columbus, Ohio, has been awarded the contract for the management of Indiana public employees’ deferred compensation 457 and 401(a) retirement accounts. Their services include investment advice, customer service, and education, as well as access to the Nationwide ProAccount. Investing involves market risk, including the possible loss of principal. Investment advice for the Hoosier Start plan is provided by Nationwide Investment Advisors, LLC (NIA), an SEC-registered investment advisory.
Federal Income Tax Withholding
Federal income tax withholding is mandatory for distributions from the plan. However, Indiana does not mandate state income tax withholding. Distributions are made on a periodic basis, and you will receive Form 1099-R at the end of each year in which you receive a distribution. Investment advice for your Hoosier Start account is provided by Nationwide Investment Advisors, LLC, an SEC-registered investment advisory firm.
