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.
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 ensuring you can retire when you are ready. Our deferred compensation benefit includes industry best practices, including a single vendor, offering a streamlined fund list with ‘best-in-class’ funds, and improved buying power. Our plan also includes an onsite, dedicated deferred compensation advisor from Empower Retirement.
For 2021, the annual elective deferral limit is $19,500. The “Pre-Retirement” Catch-Up limit is $39,000 (total). The “Age 50” Catch-Up Limit is $26,000 (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 your online request.
- Empower website
- Register and enroll online
- Add/Review beneficiary information
- Change your deferral/roth payroll election
- Rebalance/transfer investment funds
- Access forms
- Brainshark Presentation about Your Henrico 457 Deferred Compensation Plan
- Schedule a Retirement Readiness Review
- Check out the Empower App!
Mike Finnegan, CFP
Phone: (804) 501-5233
Mobile: (757) 297-7571
Participant Service Center