All permanent employees working 18.75 or more hours per week are eligible to participate. The plan is 100% contributory by the employee. Employees may defer on a pretax basis (federal and state) 100% of gross salary less pension pretax deductions or $19,500 per year (whichever is less).
Various options of investments funds are available. Employees may increase, decrease, or stop contributions the first pay date of a month. Two additional “catch-up” provisions are available (Age 50 Catch-Up Contributions and Pre-Retirement Catch-Up Contributions allow employees to contribute more).
To enroll in the Deferred Compensation Plan, request and complete the 457 Enrollment Kit and 457 Deferral Change form - both available in Human Resources.
All permanent employees working 18.75 or more hours per week are eligible to participate. Through a tax code provision, plan participants can add a supplemental Roth IRA. After-tax contributions may be made not to exceed $6,000 per year. If age 50 or older, an additional $1,000 annual catch-up contribution may be made. These after-tax contributions can be withdrawn tax and penalty free.
To enroll in the Payroll Deduct Plan, request and complete the Payroll Deduction IRA Account application and Payroll Deduction IRA Authorization form - both available in Human Resources.