ICMA-RC 457 Deferred Compensation Account enrollment and changes can now be made online or through the ICMA-RC mobile app.
Visit www.icmarc.org/newportnewsva today and click the Log In button at the top of the Main page
to “Log In” or “New User – Register Now”
Employees can still change your contribution amount to your 457 deferred compensation plan, using the ICMA-RC 457 Pre-Tax/Post-Tax Deduction Change Form.
Pre-tax contributions you make reduce your taxable income for the year. These contributions and all associated earnings are then not subject to tax until you withdraw them. You also may be able to make after-tax Roth contributions which allow for potentially tax-free earnings.The 2021 contribution limit amounts for the ICMA -RC 457 Plan pre-tax and post-tax is $19,500.
Those eligible for the Catch-Up Provision who are within three (3) years of normal retirement age are able to catch-up twice the contribution limit set each year provided there are years the participant did not contribute the maximum available.
Employees who are age 50 or older may make additional "Catch-Up" contributions to the 457 Plan each year.Reminder: You may not participate in the Catch-Up and the New Age 50 Catch-Up simultaneously.
Participants will be able to move their 457 Plan when they are eligible (example: termination of employment) between retirement plans in the public, private, education, and nonprofit sectors. Money may be moved between a 401K, 403B, 457, and Traditional IRAs.