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Posted on: October 7, 2021

$aving Your Raise Makes $ense during Retirement Security Month

Dollar sign into Save

Funnel all or some of your 3% increase, longevity pay and vacation buy-back money into your future. During National Retirement Security Month, look into the City’s 457 Deferred Compensation Plan as a means of adding to your retirement piggybank. 

If you already have a 457 Deferred Comp account, saving more to the plan can help you build retirement security. To increase your current deferral amount, log into PeopleSoft, click the Benefit Details tile and then click on 457 Deferred Compensation or Roth 457 Deferred Compensation. Even small increases to your investment can go a long way over time:

MissionSquare 457 contribution chart 2021

A Bonus to the 457 Deferred Comp Plan
After enrolling in this investment plan, pre-tax funds from your paycheck can automatically go into your 457 account. Pre-tax contributions reduce your current tax bill and all taxes are delayed until you withdraw. 

Read (and print) this detailed brochure to learn why our 457 Deferred Comp Plan is a smart addition to your pension.

Meet with the City’s MissionSquare Retirement representative at the Municipal Center on Friday, October 15 to get on track with saving and take full advantage of your options. Attend MissionSquare webinars.

Learn more. No matter where you are in your career, it’s the right time to save for retirement.

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