Office of Human Resources - Benefits Design & Management

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:

  1. separate from service according to the plan, at any age, for any reason, or
  2. 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.