457 Plan
All county employees who participate in this plan can make voluntary contributions equal to either a flat-dollar amount or a percentage of pay through regular payroll deductions. The minimum amount you can contribute is $10 each month. Under federal law, the maximum amount you can contribute or defer in a calendar year is the lesser of 100% of includible compensation or:
In addition, partipants who are 50 years of age or older may utilize the catch-up provision and contribute additional money into the 457 plan.
Includible compensation is defined as gross salary less payroll deductions for mandatory employee contributions (Pension Plan) and .7% (Savings Plan) withholdings. If you participate in more than one 457 plan, you are responsible for monitoring the amount you defer under all plans so as not to exceed the maximum deferral limit.
Because CERF cannot provide tax advice, you are encouraged to speak with an independent tax consultant if you have questions about the taxation of your contributions, maximum deferral limits or how CERF works with other plans in which you participate.
You may change your investment elections at any time by going online at www.empower.com, or by calling KeyTalk at (800) 701-8255. You will need to have your user ID and personal identification number (PIN) provided to you by Empower Retirement, to change your investment elections.
If you would like to change, or stop, your payroll deduction for the 457 plan, you will need to contact the clerk's office to complete a 457 Paycheck Contribution form.