457(b) DC Plan
Enrollment meetings will be held throughout the City on an ongoing basis. These meetings will provide information about the benefits of participation in the Plan, the features of the Plan, investment options and Voya services. These meetings will also provide you with the opportunity to complete enrollment materials. Local representatives are also available for one-on-one meetings if you have specific questions that you would like answered in a more comfortable setting.
Who Should Join the 457 Plan?
The 457 Plan is designed to supplement retirement income. It is not an ordinary savings account that allows withdrawals at any time. Once you join the Plan, there are restrictions on when you can withdraw your account balance. Therefore, before deciding whether to join the Plan, you should answer the following questions.
- Do I have adequate savings for emergencies?
- Do I have adequate savings for other financial goals (e.g., purchase of a home, children’s college expenses)?
- Am I current with my bills and credit cards?
- Can I afford to reduce my take home pay?
- Would I like to pay less income tax in the current year?
- Do I want to increase my retirement income?
If you can answer “yes” to all of these questions, you should think about joining the 457 Plan. But if your financial situation is such that you should not join at this time, you may always join in the future when your financial situation improves.
Am I Eligible to Participate in the 457 Plan?
The 457 Plan is a voluntary plan available to all full-time and part-time employees who are eligible for benefits offered by the City, and elected officials of the City.
Any eligible employee may elect to participate in the 457 Plan by completing a Participation Agreement and electing to defer a specific dollar amount or percentage of future compensation. Employees are eligible to enroll immediately. You must defer a minimum amount of $10.00 per pay period.
How do I Enroll in the 457 Plan?
You enroll by meeting with a local representative, and completing forms for your Plan:
- A Memorandum of Understanding/Participation Agreement that specifies the amount that you want to defer to the Plan each pay period;
- A Beneficiary Designation Form (online) on which you designate the beneficiary(ies) who is/are to receive benefit payments upon your death;
- An Acknowledgment Form; and
- An Enrollment Form that specifies your investment choices with Voya.
Please contact one of your local Voya representatives for additional information or to complete the enrollment process.
Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners, LLC (member SIPC). All companies are members of the Voya® family of companies. Securities may also be distributed through other broker-dealers with which Voya has selling agreements. Insurance obligations are the responsibility of each individual company. Product and services may not be available in all states.