You are here

    Home » Human Resources » Employee Portal » Employee Benefits » 457 Deferred Compensation

    457 Deferred Compensation

    The City of Lynchburg offers a 457 Deferred Compensation Program to eligible employees to help them voluntarily save for their retirement. The City's program is administered by ICMA-RC. Contributions are deducted on a pre-tax basis.
    Learn more about the program.

    Eligibility
    Employees in Full-Time, Part-Time, and Temporary positions are eligible to participate in the 457 Deferred Compensation Plan. Employees can elect to participate in the plan at any time. For more information, refer to
    Employment Policies & Procedures Manual. Grant funded with benefits employees may be eligible to participate based on conditions of the grant or outside funding.

     How to Enroll

    1. Call Human Resources at 455-4200 or send an e-mail to human.resources@lynchburgva.gov
    to request a 457 Deferred Compensation Enrollment Kit. The enrollment kit contains detailed information,
    including enrollment form and investment options.
    2. Review the enrollment kit information carefully. If you have questions, call ICMA Customer Service at 800-669-7400. 
    3. Complete a quick enrollment form and your money will be invested in the Milestone fund closest to
    your 60th birthday or complete an enrollment form and choose your own investments or the Managed Accounts option.
    Be sure to write in the amount you want deducted from your paycheck as a flat dollar amount, not as a percentage. 
    4. Submit your completed enrollment form to Human Resources or your payroll clerk.
    5. The amount indicated on your enrollment form will be deducted from your next paycheck unless you specify otherwise

    Making Changes
    Complete a 
    simplified change form to increase, decrease or stop the amount being deducted from your paycheck. Complete a change form to change your name. Click on Account Access to update your address, allocations or funds, beneficiary and marital status.   

    Questions?
    Contact ICMA Customer Service at 800-669-7400 or contact Trey Sizemore at (202) 486-1572 or 
    tsizemore@icmarc.org

    No votes yet