The City makes available to eligible employees a deferred compensation plan under IRS Section 457B. A 457B plan is similar to a 401K, but is restricted to governmental entities and has some features which differ from a 401K. Employees may defer income from the City into the plan on a tax deferred basis. The City reimburses employees up to $10 of the first $20 deferred into the plan.

Each employee determines the approved accounts, including investment accounts, that the employee's deferred income is placed in and may move the funds among the approved accounts at any time.

Click here for Deferred Comp FAQs with a link to schedule a meeting with the City's Retirement Counselor, Cassandra Wyrick:  FAQs

DEFERRED COMPENSATION COMMITTEE

The Deferred Compensation Plan is overseen by a committee made up of a representative of the Employee Benefits Office, a representative of the Law Department, and a representative of the Pension Board as well as four employee representatives selected by the Mayor. The committee approves the accounts available within the plan.

The Deferred Compensation Committee is advised by SageView Advisory Group, LLC under a contract with the City. SageView is paid from the total funds of the Deferred Compensation Plan.

Empower (formerly Prudential Retirement Services) is the record keeper for the plan. Empower receives the deferred funds and distributes them to the approved account options selected by employees. Empower maintains contracts with the account managers and is paid by those account managers from the funds within the accounts.

EMPOWER CONTACTS

Empower Retirement Help Number
1.800.701.8255 weekdays from 8am to 10pm Eastern Time
1.303.737.7249 from outside the U.S.
TTY number 1.800.345.1833

Empower Number for Withdrawals: 
1.877.534.4569

Empower Number for Beneficiary Services, QDRO, Hardships:
1.866.442.3888

Online
www.EmpowerMyRetirement.com  

GreenPath
If you are currently struggling with debt, GreenPath has a solution. More information is available on this GreenPath Flyer [PDF]. Visit GreenPath.com or call 877-444-5606 for a free consultation.

SAGE411
Our consultant, SageView, gives you access to speak with a certified financial planner to help you plan for retirement. More information is available on this SAGEVIEW Flyer [PDF]. Visit SAGE411.com or call 1-833-SAGE-411.