Now is a great time to increase your 457 Deferred Compensation Plan contribution! While we have the premium holiday break this month (December 2018), take advantage of the “extra” cash in your paychecks by adding it to the 457 plan. It’s an easy way to grow your retirement savings.
The City’s 457 Deferred Compensation Plan is managed through ICMA-RC. Those who are already enrolled in this employee retirement benefit are aware that changes can be made to their contributions any time during the year. Remember, online you can only choose a percentage amount for your contribution.
If you’re interested in saving and investing through the 457 Plan, enroll online or use the paper form. Details about the Plan, along with the sign-up form, are in this downloadable 457 Enrollment Kit – see pages 13-15. Enrollment becomes effective 30 days after the form is signed and the minimum contribution can be as low as $5 per paycheck. Maximum amounts are listed in the table below.
Make changes to existing 457 Plans through PeopleSoft. Log into PeopleSoft and follow this path: Employee Self Service >> Benefit Details >> Benefits Summary page.
Submit paper enrollment forms to Senior Benefits Specialist Julia Cherry. Watch this video of Cathy Zeigler, former Plano library director, sharing the “pros” of the 457 Plan: