Eligibility

The 457(b) Deferred Compensation Plan is a 457(b) voluntary retirement savings plan available to all employees. 

Contributions

New elections and changes to existing elections may be made at any time. An employee may elect to deduct a percentage of their pay to a 457(b) account. Contributions may be made on a pre-tax basis. Contributions are remitted to accounts on a bi-weekly basis, the week following each pay date.

Vesting

Employees are immediately vested at 100 percent in the 457(b) Deferred Compensation Plan.

Enrollment

To begin making contributions to the 457(b) Deferred Compensation Plan an employee must:

  1. Choose an investment vendor approved for the 457(b) Deferred Compensation Plan (see below)
  2. Complete a salary reduction agreement form and send to the Office of Payroll and Employee Benefits authorizing the pre-tax contributions to be deducted from the employee’s pay. Please allow up to two weeks for processing.
  3. Open an account with their chosen vendor online, making investment elections and beneficiary designations.

To change existing contributions to the 457(b) Deferred Compensation Plan an employee must:

  1. Complete a salary reduction agreement form and send to the Office of Payroll and Employee Benefits authorizing the pre-tax contributions to be deducted from the employee’s pay. To stop contributions enter zero percent on the form. Please allow up to two weeks for processing.

Vendor options:

  • Fidelity – Online enrollment
  • TIAA – Online enrollment

Distributions and Withdrawals

A participant may withdraw funds from their plan account upon (1) attainment of age 70 ½ or older while employed or (2) upon retirement or termination of employment. Withdrawals prior to age 59 ½ are not subject to early withdrawal penalties.

Loans and hardship distributions from the plan are not allowed.

Plan Documentation