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Our retirement plans described
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457 Deferred Compensation Plan
Deferred compensation plans are tax-favored supplemental retirement savings programs. They allow public employees to contribute a portion of their salary before federal taxes (and sometimes state) to an individual retirement account. These programs are offered exclusively to public employees and non-taxable entities. They are designed to help public employees build their financial security.
Why Deferred Compensation?
- Provides an important and attractive benefit to public employees at no cost to the public employer.
- Enables public employees to have a more financially secure future through participation in the plan.
- Helps public employees defer current taxation and institute systematic savings.
401(a) Defined Contribution Plan
Defined contribution plans provide an individual account for each participant. Benefits are largely based on the amount contributed by the employer; however, they are also affected by income, expenses, gains, and losses.
Why Defined Contribution?
- Helps public employers attract and retain high-caliber employees.
- Offers a financial opportunity and benefit package that enhances employee morale and tenure.
- Allows participant to direct investments.
Defined Benefit Plan
A defined benefit plan provides a fixed monthly benefit at retirement, payable over your lifetime. In addition, you may elect an optional form of benefit payment that will pay a monthly benefit to your beneficiary after your death.
Your monthly benefit is based on compensation, years of service, your employer’s benefit formula and the benefit option you select at retirement. Since this is a guaranteed benefit, you are not responsible for the investment risk.
Why Defined Benefit?
- Provides participants with a secure source of retirement income.
- Provides most significant benefits to career employees.
- Allows employer to provide a targeted level of retirement income.
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