Forms & Contact Information | Deferred Compensation FAQs
As a public sector employee, you may participate in a Section 457 deferred compensation plan that allows you to save toward retirement by deferring pre-tax dollars through payroll deduction. When you contribute to the Deferred Compensation program with pre-tax dollars, you reduce your taxable income, while contributing to your retirement savings.
The maximum contribution for 2012 is $17,000 or 100% of your salary, whichever is less. The minimum contribution each pay period is $25.
All Full-time or permanent part-time employees are eligible to participate in deferred compensation. Eligible employees can enroll, change or stop deductions at any time. Henrico County offers two vendors for the deferred compensation program: ING and ICMA-RC. Both vendors provide a wide range of investment options to meet the needs of employees saving for retirement. Saving for retirement is important and any amount contributed can be beneficial toward overall retirement savings.
For additional details, check out Henrico County's brochure on Deferred Compensation.
2012 Financial Wellness Schedule of Events
Vendor Web sites
Benefit FormsING Financial Services
ICMA-RC
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Contact InformationING ING Customer Service ICMA ICMA-RC Customer Service Henrico Department of Human Resources |
What is the minimum amount I can contribute biweekly?
$25 biweekly.
What is the maximum amount I can contribute per year?
One hundred percent (100%) of your annual salary or the current year annual max, whichever is less. The 2012 contribution limit is $17,000.
When will contributions/changes start being deducted from my pay?
No earlier than the following month after the form is signed.
Can I request deductions to stop coming out of my pay at any time?
Yes, deductions can by stopped at any time as long as you complete a change form and return it to Human Resources.
When can I withdraw my contributions?
Monies in your account can only be withdrawn when you leave employment with the County.
Can I withdraw money from my account for emergency situations?
You may apply for an unforeseeable emergency withdrawal if your situation meets the strict guidelines set for 457 deferred compensation plans. Contact the Department of Human Resources for information on emergency withdrawals.
How can I change where I have my money invested?
Both ICMA-RC and ING have made it easy to make changes to your investments. You may make fund changes or transfer funds via their web sites (ING at www.ingretirementplans.com or ICMA-RC at www.icmarc.org.
What is the "Pre-Retirement Catch-Up" provision?
The "Pre-Retirement Catch-Up" provision allows you to make additional contributions in excess of the annual maximum in the 3 years prior to your eligibility for unreduced retirement benefits. Contact Human Resources for specific information about "Pre-Retirement Catch-Up." The “Pre-Retirement Catch-Up” limit for 2012 is $34,000.
What is the "Age 50 Catch-Up" provision?
The "Age 50 Catch-up" provision allows you to make an additional contribution up to a specified dollar limit. To qualify, you must turn 50 by the end of the year in which you wish to participate. The dollar limit for 2012 is $ $22,500.