457 Plan
Enrolling in the CERF 457 Savings Plan is easy. You will need to:
Enrollment/Beneficiary forms are also available to download from www.mocerf.org.
You may change your investment elections at any time by going online at www.empower-retirement.com/ or using a touch-tone phone by calling KeyTalk® at (800) 701-8255.
To illustrate how voluntary contributions to the CERF 457 Plan will help you reduce taxes while you save for retirement, assume you earn $20,000 per year, pay a 20% marginal federal and state income tax rate and contribute 5% of pay to the plan.
Pre-tax pay | $20,000 |
5% 457 contributions (5% x $20,000) | $1,000 |
Taxable Wages | $19,000 |
Income taxes paid | $3,800 |
$200 saved in income taxes. $1,000 saved in the CERF Savings Plan |
Pre-tax pay | $20,000 |
457 contributions | $0 |
Taxable Wages | $20,000 |
Income taxes paid | $4,000 |
No tax savings and $0 saved in the CERF Savings Plan |
Note: Your PIN (Personal Identification Number) is sent to your home after your 457 and/or 401(a) Savings Plan is established.