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    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, and contributions are deducted on a pre-tax basis. To learn more about the program, click here. 


    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.


    Steps to Enrolling

    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 that includes the 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. You may also opt to 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.

    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.   

    Loans


    Your plan allows you to borrow money from your account while you are still employed. The maximum loan amount is limited to half of your account balance or $50,000, whichever is less. Additional information is available by contacting ICMA-RC.

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