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Retirement

If you are five years or less from your target retirement date, you will find a wealth of resources here to help you through this final stage.  If retirement is more than five years away for you, consider taking the Dollars and Sense class offered by St. Louis County and coordinated by the Public Employees Retirement Association (P.E.R.A.). 

Eligibility Retirement Workshops Phased Retirement Deferred Compensation Deferred Compensation Providers Forms Meetings

The purpose of a deferred compensation plan is to allow you to set aside a part of your salary and postpone paying taxes on that salary until after retirement.  This may prove to be advantageous for two reasons:

  1. It is likely that your income will be lower after retirement, and therefore, you may be in a lower tax bracket.
  2. Pre-tax deposits allow you to accumulate more money over time than after-tax deposits.

Deferred compensation was intended by congress to be a retirement plan as opposed to a short-term savings plan.  Hence, your funds may not be withdrawn until you have separated service from your employer unless approved for an emergency withdrawal.   This plan is made possible under section 457 of the Internal Revenue Code and is available only to employees of state and local governments and tax-exempt organizations.

Eligibility
Any permanent County/ARC employee or individual for whom the County performs payroll services may participate in a deferred compensation plan.  Enrollment takes place provided that an agreement to defer compensation not yet earned is completed and turned in to payroll prior to the first day of the coverage month.

 

Limitations of Salary Deferral Amounts

A 457(b) plan’s annual contributions and other additions (excluding earnings) to a participant’s account cannot exceed the lesser of:

  1. 100% of the participant's includible compensation, or
     
  2. the elective deferral limit ($18,000 in 2015, 2016 and 2017).

Increases to the general annual contribution limit:

  • 457(b) plans of state and local governments may allow catch-up contributions for participants who are aged 50 or older.
     
  • Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of:
     
    • Twice the annual limit ($36,000 in 2015, 2016, and 2017), or
    • The basic annual limit plus the amount of the basic limit not used in prior years (only allowed if not using age 50 or over catch-up contributions)

 

Deferred Comp Plan Document

Deferred Compensation Plan Asset Transfer Window The St. Louis County Board has authorized the establishment of an annual one-month asset transfer window during which employees with existing balances with a current or inactive St. Louis County Deferred Compensation Plan provider may elect to transfer their balance to the current provider of their choice.  Read more about the transfer window... 

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