As a public sector employee, you should consider participating 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.
Henrico County is excited to announce our new Deferred Compensation benefit. In partnership with our Deferred Compensation vendor, Empower Retirement, we want to encourage our employees to be retirement ready. Deferred Compensation allows you to save and invest your money now to use at retirement insuring you can retire when you are ready. This update to our deferred compensation benefit includes industry best practices, including having a single vendor, offering a streamlined fund list with ‘best-in-class’ funds, and improved buying power. Our new plan also includes an onsite, dedicated deferred compensation advisor from Empower Retirement.
For 2018, the annual elective deferral limit is $18,500 or 100% of your salary, whichever is less. The “Pre-Retirement” Catch-Up limit is $37,000 (total). The “Age 50” Catch-Up Limit is $24,500 (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.
Empower Retirement is the County’s deferred compensation vendor. Saving for retirement is important and any amount contributed can be beneficial toward overall retirement savings.
- Empower website
- Henrico Welcome Guide (How to Register on the Empower Website)
- All forms are available on the Empower website after you register your account.
Phone: (804) 501-5233
Fax: (804) 501-4426