This is a voluntary tax-favored program that 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:
Employees can make contributions to a 403(b) program and the 457, putting up to the maximum dollar amount into each account.
Starting contributions to a new account:
Increasing and decreasing contributions:
Stopping contribution:
Resuming contribution:
You may withdraw funds when you: 1) separate from service according to the plan, at any age, for any reason, 2) experience an approved, unforeseeable emergency, or 3) 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.
For additional information contact Nationwide's local representative Wade Sundermann at 602.266.2733, ext. 26 or toll-free at 1.800.796.9753. Walk-in service is available at 4747 N 7th Street, Suite 418, Phoenix, AZ 85014 (8 a.m. to 5 p.m. MST).