Retirement

What is Deferred Comp?
The purpose of a deferred compensation plan is to produce tax delays and/or tax savings on monies you set aside for retirement.  You will have a choice between a standard deferred compensation herein called a 457 account or a 457 Roth account or you can even have both.

A standard 457 allows 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.

1. No taxes are due on withdrawals from the account taken during retirement.
2. The growth in the account is not taxable.

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 Hence, your funds may not be withdrawn until you have separated service from your employer unless approved for an emergency withdrawal or you are eligible to secure a loan on part of your balance.

Am I eligible to participate?  
Any permanent County/ARC employee or elected official 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.

How do I get enrolled in Deferred Compensation?  
You simply contact your provider of choice.  You have four providers to choose from.  You can ask your coworkers if they have a recommendation and you can consult the Deferred Compensation Provider Comparison document for assistance.  

How much can I contribute to my 457 accounts each year?
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 457(b) elective deferral limit

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 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 457(b) limit , 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)
     

Can I move my 457 balance from one provider to another?
You can move your funds to or from MNDCP, Mission Square, Nationwide or Lincoln.  You cannot move them to an external entity until you have separated employment.  Contact the provider you wish to move your funds to for assistance.  

Can I increase my 457 contribution for one pay period and then have it resume at my previous amount thereafter? 
Yes.  Use the One Time Deferral Form

I have left employment and would like to begin withdrawals from my 457 account(s).  What are the steps I need to take? 
Follow the Withdrawing Funds Instructions.

How can I learn more about Deferred Compensation? 
See the St. Louis County Deferred Comp Plan Document

No Printer?  Electronic Signature Instructions

One-Time Deferral Change Form  (use this form, for any provider below, to increase your Deferred Comp Contribution/ paycheck deduction for one pay period only)

Nationwide
612-790-1288
Email  Brian Burgeson
Website
Enroll online

MNDCP
800-657-5757 ext 5863
Email Lisa Holte
Website
Contribution Change Link
Beneficiary Form
Name Change Form
Enrollment Form

Lincoln Financial Group
218-749-1730
Email Chris Bialke
Website
Contribution Change Form
Beneficiary Form
Name Change Form
Enrollment Form

Mission Square (formerly ICMA-RC)
202-567-1219
Email Susan Trammel
Website
Forms

PERA (Public Employees Retirement Association) Meeting

St. Louis County staff do not have access to your PERA record. You will want to contact Bryan (218-520-0140) or Kristen (218-520-0141) to schedule a meeting in Duluth if you want to…

• Discuss any details about your future PERA retirement benefit
• Make application to begin collecting a PERA monthly benefit

Pre-Retirement Meeting

Pre-Retirement meetings are for employees 2 to 12 months from their retirement date. At this meeting you will get the following information:

• an overview of the retirement process and where to begin
• choosing the optimal day in your chosen retirement month
• disbursement of unused paid leave time
• status of other benefits upon retirement
• insurance continuation options

Schedule a Pre-Retirement Meeting

Retirement Refresher Meeting

Retirement refresher meetings are for employees 2 to 12 months from their retirement date who have already had a pre-retirement meeting more than a year prior.  At this meeting you will get the following information:

• an overview of the retirement process and where to begin
• updated quote of unused paid leave time
• current insurance continuation rates
• answers to your retirement questions

Final Retirement Meeting (Mandatory)

This meeting should take place one to four weeks prior to last day on payroll. During this meeting you will:

• complete election form to continue/cancel/change insurance plans
• go over payment details for any post-retirement insurance plans
• learn how to access health care savings plan funds

Schedule a Final Retirement Meeting

Workshops

Upcoming and Recent PERA Retirement Workshops (Tailored to all state PERA retirees)

St. Louis County offers a retirement workshop each spring and fall for St. Louis County employee who are 1-5 years from retirement. Please see quarterly training catalog . (Tailored to St. Louis County Retirees)