Deferred Compensation: 457(b)
Nationwide Retirement Solutions
1.800.796.9753
GET MORE INFO
Carol Barron
Nationwide's local representative
602.266.2733, ext. 1184
Toll-free 1.800.796.9753
WALK-IN SERVICE
4747 N 7th Street, Suite 418
Phoenix, AZ 85014
8am-5pm |
This voluntary tax-favored program allows employees to defer a portion of salary, before federal and state taxes are taken, into a supplemental retirement account with Nationwide Retirement Solutions. Internal Revenue Code Section 457 provides this tax-deferred program exclusively for public employees.
The annual contribution limits are 100% of your compensation to the following maximums:
- If you are age 49 or younger, you can contribute $16,500 in 2009.
- If you are age 50 or older, you can contribute $22,000 in 2009.
- As an alternative to the age catch-up, a 457 plan participant is
eligible to defer up to twice the contribution limit in effect for the
three years preceding the employee's normal retirement age.
Employees can make contributions to a 403(b) program and the 457, putting up to the maximum dollar amount into each account.
Contact Nationwide at 1.800.796.9753 to:
- establish a new account and designate amount you wish to contribute each pay period;
- increase or decrease contributions;
- stop contributions; or
- resume contributions.
WITHDRAWING FUNDS
You can withdraw funds when you:
- separate from service according to the plan, at any age, for any reason, or
- experience an approved, unforeseeable emergency.
You can withdraw $5,000 or less as long as you have not made deferrals for two years and no prior withdrawals have been made.