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- A 457(b) plan is a Pre-Tax (Federal, State and Local taxes are delayed) way for employees to save money toward their retirement. The amount that can be saved in this manner is limited by the IRS and may change from year to year. Please see Plan Chart below for the current limits.
- Enrollment – If you are interested in enrolling in this plan, please contact the PEB office.
- Deductions – The deduction amount selected is a per pay deduction and is deducted in the following manner:
- Bi-Weekly Staff/Service Employees - deduction will be taken from each regular check, 26 per year.
- Bi-weekly Dining Service 9 month Employees - deduction will be taken out of each regular check September through May, 20 per year.
- Exempt/Faculty/Professional Fiscal Year Employees - deduction will be taken from each regular check, 12 per year.
- Faculty/Professional Academic Year Employees - deduction will be taken from each regular check of the academic year August through May, 10 per year.
- Bi-Weekly Staff/Service Employees - deduction will be taken from each regular check, 26 per year.
Year |
457(b) |
Age 50 Catch-up |
Special Three-Year Pre-Retirement Catch-up |
2004 |
$13,000 |
$3,000 |
Available upon request |
2005 |
$14,000 |
$4,000 |
Available upon request |
2006 |
$15,000 |
$5,000 |
Available upon request |
2007 |
$15,500 |
$5,000 |
Available upon request |
2008 |
$15,500 |
$5,000 |
Available upon request |
2009 |
$16,500 |
$5,500 |
Available upon request |
2010 |
$16,500 |
$5,500 |
Available upon request |
