Deferred Compensation (457 Plan)
The City of Portsmouth offers full time employees the option of participating in the 457 Deferred Compensation Plan which is administered by the International City Management Association (ICMA )-Retirement Corporation . Multiple investment options are available. Employees can contribute a portion of his/her salary, via payroll deduction and on a tax-deferred basis. Accumulated funds in the employee’s account are not subject to federal and state income taxes until withdrawn at retirement.
Purpose of the Compensation Plan
A 457 plan is designed to supplement your retirement income. While a pension and/or Social Security may go a long way, they are unlikely to be enough. Saving to your 457 plan can help you maintain your desired standard of living. To contribute to your 457 plan or change the amount of your current contributions, complete the following forms, or you may contact your ICMA-RC representative or the City’s Human Resource Management Department.
Fill out the forms if you need to make changes to your contribution:
- To increase or decrease current contributions, or to resume contributions if you previously enrolled 457 Deferred Compensation Contribution Change Form (PDF).
- To participate as a new hire or a rehire fill out the 457 Deferred Compensation Contribution Enrollment Form (PDF).
Plan Health Monitor
Coming Soon! ICMA-RC ’s upcoming enhancement to its suite of online fiduciary tools that provides a quick and intuitive way for plan sponsors to assess the overall health of their 457 Plan. Read more