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    457 Deferred Compensation and Roth IRA

    Eligibility

    The City of Lynchburg offers a 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 Temporary 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.  Get to know your 457 Deferred Compensation plan. To learn more about these plans and how to enroll, click here.

    Making Changes

    Complete a simplified change form to increase, decrease, or stop the amount being deducted from your paycheck. All other changes, click here and 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.

    Additional Resources

     

    Contribution Limits: 457 Plan

    Limitations: 457 Plan

    2021

    Annual Deferral Limit for 457 Plans

    $19,500

    “Pre-Retirement” Catch-Up Limit

    $19,500

    ($39,000 total)

    “Age 50” Catch-Up Limit

    $6,500

    ($26,000 total)

     

    Contribution Limits: Roth IRA

    Limitations-Roth IRA

    2021

    Maximum Annual Addition

    $6,000

    “Age 50” Catch-Up Limit

    $1,000

    ($7,000 total)

     

    Questions? Contact Customer Service at 1-800-669-7400 or Trey Sizemore at (202) 486-1572 | tsizemore@icmarc.org.