457 Deferred Compensation & Roth IRA

Eligibility

The City of Lynchburg offers 457 Deferred Compensation and Roth IRA plans to eligible employees to help them voluntarily save for their retirement. Employees in Full-Time, Part-Time, and Hourly positions are eligible and can elect to participate in the 457 Deferred Compensation and Roth IRA plans at any time. Grant funded with benefits employees may be eligible to participate based on conditions of the grant or outside funding.

Enrolling

The City's 457 Deferred Compensation and Roth IRA plans are administered by MissionSquare. 457 Deferred Compensation contributions are deducted on a pre-tax basis and Roth IRA on an after-tax basis. Learn more about these plans and how to enroll.

Making Changes

Complete a simplified change form to increase, decrease, or stop the amount being deducted from your paycheck. For all other changes, log into your account access.

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 MissionSquare.

Contribution Limits: 457 Plan

Limitations: 457 Plan2023 Limit

Annual Deferral Limit for 457 Plans

$22,500

"Pre-Retirement" Catch-Up Limit

$22,500 ($45,000 total)

"Age 50" Catch-Up Limit

$7,500 ($30,000 total)


Contribution Limits: Roth IRA

Limitations: Roth IRA2023 Limit

Maximum Annual Addition

$6,500

"Age 50" Catch-Up Limit

$1,000 ($7,500 total)


Hybrid members: please be aware that the deferral limits above include voluntary hybrid contributions.

Questions? Contact Customer Service at 1-800-669-7400 or email Trey Sizemore or call 202-486-1572.