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Posted on: December 5, 2018

Pay Yourself First! Sign Up for the 457 Plan.

Pay yourself first

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.

Annual Deferral Limit for 457 Plans$19,000
"Pre-Retirement" Catch-up Limit$19,000 ($38,000 total)
"Age 50" Catch-up Limit$6,000 ($25,000 total)
Maximum Annual Addition$6,000 
"Age 50" Catch-up Limit$1,000 ($7,000 total)

Make changes to existing 457 Plans through PeopleSoft. Log into PeopleSoft and follow this path: Employee Self Service >> Benefit Details >> Benefits Summary page.

  • For the 457 Plan, edit the ICMA-RC benefit.
  • For the Roth 457, edit the Roth 457 benefit.
  • For the Payroll Roth IRA, edit the IRA benefit.

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:

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