Deferred Compensation 457 Savings Plan
The Deferred Compensation 457 plan is offered through MissionSquare Retirement. A 457 plan allows you to save and invest money for retirement with tax benefits.
A 457 plan is designed to supplement your retirement income. While a life-time City of Savannah pension payment and/or Social Security may go a long way, you may need additional funds for retirement. Saving to your 457 plans can help you maintain your desired standard of living.
|Customer Service Center:||800.669.7400|
|Retirement Representatives:||Alvin: 202.759.7186 |
Deferred Compensation / 457 Savings Plan Highlights
- All new hires are auto enrolled at 1% unless you opt out or change your desired contribution amount.
- The City contributes $20 per month for employees who enroll in an MissionSquare 457 account and actively contribute $5 or more per week. Uniformed Firefighters and Uniformed Police will not receive the employer contribution if enrolled in the General Fire Pension Fund (GFPF) or the Police Officer Annuity Benefit (POAB).
- Your MissionSquare contributions are deducted from your pay and deposited in your 457 account on a pretax basis. Pre-tax contributions will reduce your taxable income for the year.
- You decide how much to save, subject to the minimum amount of $5 per week which is set by the City, to the maximum amount of $22,500 for 2023. Additional contributions are allowed for pre-retirement catch-ups which are subject to certain stipulations, up to $27,000 for 2023.
- You may increase, decrease, or stop your contributions at any time.
- Get to Know Your 457 Plan
Roth IRA Highlights
- Eligible employees may contribute to Roth IRA by salary deduction through MissionSquare Retirement.
- Roth IRA contributions are an after-tax deduction. At maturity, invested funds may be spent tax-free.
- MissionSquare retirement representatives will assist employees who wish to explore Roth IRA option.
- Your Payroll Roth IRA
Digital Resources - Get the Most Out of Your Retirement Account
Securely access your account at your convenience, online or on the go. Your account is at your fingertips 24/7 with MissionSquare tech tools and Digital Resources:
- Enroll online at MissionSquare - View and manage your retirement savings account quickly and easily 24/7, with Account Access. Once you’ve signed up, simply log in anytime to stay on top of your retirement savings goals.
- Plan Number: 301094
On the Go
- Mobile App Access: MissionSquare Mobile App Manage your account right from the palm of your hand with the free mobile app for an iPhone or Android smartphone, or tablet.
- Text Access: MissionSquare Text Allows you to request certain account information and have it sent directly to your mobile phone via text.
- Ask Alexa: Amazon.com: Account Access: Alexa Skills MissionSquare Account Access Skill for Alexa will allow you to link your Amazon device to your MissionSquare Retirement Account to quickly hear your account information.
In the Know
- Retirement Readiness Tool - Am I On Track calculator provides you with a personalized retirement readiness score and retirement income gap analysis assessment. It helps you see if you're on track for retirement.
- Advisory Services - Guided Pathways® provides you with a personal retirement roadmap and investment strategy. Wherever you are in your retirement journey, we can help you reach your retirement goals.
- Retirement Education Center - An educational resource that contains tools and information to help community-focused employees save throughout all stages of their career.
- Monthly Savings Tips - RealizeRetirement Monthly provides tips and resources. Take action to help you save, manage debt, and focus on your overall financial wellness.
- Understanding Mission Square Retirement - Investing in Volatile Markets
- Meet with a Mission Square Retirement Specialist - Schedule an Appointment
You can make withdrawals from your account when you leave employment or in emergency situations only, which are outlined by MissionSquare. If you are experiencing a financial hardship, you ma apply for an emergency withdrawal. Complete the Emergency Withdrawal Application and submit to the payroll department attention Robert Boyce by fax 912.644.5962 or email.