Deferred compensation is an IRS section 457(b) retirement plan. All employees may voluntarily participate in deferred compensation to save for retirement.
- Invest a portion of your after- or before-tax salary
- Determine your contribution amount
- Choose the plan vendor/s (Fidelity, MNDCP, VOYA) for your contributions
- Investment earnings accumulate tax-free. No income tax is paid until you withdraw the money, typically at retirement when you may fall into a lower tax bracket.
Select from the options below for additional information about how to enroll, transfer accounts from one vendor to another, change a beneficiary, defer severance pay, annual contribution limits, etc.