Deferred Compensation

As a public sector employee, you may participate in a Section 457 deferred compensation plan that allows you to save toward retirement by deferring pre-tax dollars through payroll deduction. When you contribute to the Deferred Compensation program with pre-tax dollars, you reduce your taxable income, while contributing to your retirement savings.

For 2017, the annual elective deferral limit is $18,000 or 100% of your salary, whichever is less. The “Pre-Retirement” Catch-Up limit is $36,000 (total). The “Age 50” Catch-Up Limit is $24,000 (total). There is no minimum biweekly contribution. All full-time or permanent part-time employees are eligible to participate in deferred compensation. Eligible employees can enroll, change or stop deductions at any time. Enrollment and deduction changes will take effect in the month following receipt of your form.

You may select from two vendors for the deferred compensation program: Voya and ICMA-RC. Saving for retirement is important and any amount contributed can be beneficial toward overall retirement savings.

NEW: For 2018, the annual elective deferral limit will increase by $500 to $18,500. The “Age 50” Catch-Up Limit will increase to $24,500 and the “Pre-Retirement” Catch-Up Limit will increase to $37,000.

Resources

Benefit Forms

Voya ICMA-RC

Vendor contact:

Voya ICMA-RC
Lin Orenduff
1500 Forest Avenue, Suite 114
Richmond, VA 23229
Phone: (804) 673-1746
Fax: (804) 673-1748
Voya Customer Service: 1-800-584-6001 (Business Days 8 a.m. – 9 p.m. EST)
Voya Web site
Chris Minnigh
Retirement Plans Specialist
ICMA-RC Services, LLC
777 North Capitol Street, NE
Washington, DC 20002-4240
Phone: 888-803-2723
ICMA-RC Customer Service: 1-800-669-7400
ICMA-RC Web site