457 Retirement Plan Overview

What is a 457 Plan?

457 plans are non-qualified, tax-advantaged, deferred compensation retirement plans offered by state, local government and some nonprofit employers. Eligible participants are able to make salary deferral contributions, depositing pre-tax money that is allowed to compound without being taxed until it is withdrawn.

Contribution Limits:

Employees under age 50 are able to contribute the IRS annual limit of $23,000 in 2024.

Employees who will be reaching age 50 or older in a plan year may contribute $30,500 in 2024.

Employees under age 50 will be able to contribute the IRS annual limit of $23,500 in 2025.

Employees who will be reaching age 50 or older in a plan year will be able to contribute $31,000 in 2025.

How do I enroll?

Newton’s 457 administrators are Voya Financial and Mission Square (new name for ICMA –RC). All employees are eligible to enroll as of their first paycheck.

To enroll into the City of Newton’s 457b plan with Mission Square (new name for ICMA-RC):

• For new enrollments. please go to icmarc.org/selfenroll
• If you prefer a paper enrollment form, contact your employer or your Mission Square representative
• Mission Square 457 enrollment and deferral amount change form 2024
• Depending on your plan rules, you may also be able to change your contribution amounts online.
• Check out Steps to save more for your retirement.
• Register here for one or more of the Upcoming Financial Planning Webinars:

  Retirement Income Planning: Tips to Help Make Your Money Last November 20 at 1:00 PM EST

  Understanding how much income you’ll need to support the retirement you want, and positioning your assets to provide that income, is important. While there’s no one-size-fits-all plan, there are steps you can take to maximize the possibility of a financially secure retirement.

  Making the Most of Social Security - Retirement Income Enhancing Strategies November 27 at 1:00 PM EST

  Understand the basic elements of the Social Security program and focus on strategies that can help make the most of the benefits you receive.

Mission Square Representative: Mike Savage, 888-803-2721, msavage@icmarc.org  

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To enroll into the City of Newton’s 457b plan with Voya:

• Please go to enroll.voya.com
• Enter Plan Number: VF3012
• Enter Verification Code: 061516
• To set up your online 457b Account with Voya (once you have enrolled into the plan), please go to www.voyaretirementplans.com
• Open this flyer for an overview of the site
• Open this flyer to see how to change your contribution rate online
• Open this flyer to learn how to access your account
• Click here for Voya Insights
• Open this flyer for the November 2024 Voya Retirement Update
• Check out the Live and On-Demand Webinars at www.VoyaLearn.com

 

Voya Representative:  Matthew O’Brien, 617-910-6446, matthew.obrien@voyafa.com

 City of Newton's OBRA plan with Voya:

• Plan Number: VK4314
• To reveiew the Fixed Annuity Disclosure Booklet please click here: OBRA