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Benefits Summary - 457 Deferred Compensation Programs
Summary   Plan Disclosure Distribution Process Beneficiary Form Tax-related Frequently Asked Questions Loan Progran FAQs "Front Counter" Frequently Asked Questrions Payroll Deduction Payroll Calendar Monthly Performance Chart (Investment Returns) Payroll Deduction Change Request 2007 Deferred Compensation Advisory Committee Agendas & Minutes
Deferred Compensation Program The City of San Jose offers its employees the opportunity to take part in the 457 Deferred Compensation Program. The 457 Deferred Compensation Plan is similar to the private sector 401(k) plan. Employees can voluntarily contribute pretax dollars and invest in 30 core investment options.  Participants may also choose from over 2,000 mutual fund investments available through the Plan’s self-directed brokerage option.   ING is the sole provider for the City’s Deferred Compensation Program.   Annual limits are listed in the chart below. Please contact the Deferred Compensation Office at (408) 975-1465 with questions. Annual limits effective January 1, 2007  Benefit Type 2007 Annual Limit Eligiblity Save $15,500 All Employees Catch-50 $20,500 The year in which you turn age 50  *Special Catch-Up $31,000 3 years prior to your eligible retirement age *Special Catch-up:  If you did not defer the maximum amounts for any plan year after 1978, you will be eligible to take advantage of the higher special catch-up limit. Back to top

 

Last Modified Date: 3/11/2008

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