457(b) Deferred Compensation Plan
What is a 457(b) Plan?
The 457(b) Deferred Compensation Plan is a plan in which you can contribute pretax dollars in addition to your 403(b) plan contributions. It is an opportunity to maximize your retirement savings.
When can I start contributing to my 457(b) Plan?
Your contribution to the 457(b) plan will begin the next month following enrollment and you can enroll at any time.
Does CCMH Match My Contribution?
CCMH does not match contributions to the 457(b) deferred compensation plan. It is for employee contributions only.
What is the Maximum Amount I can Contribute?
You can contribute up to the annual IRS limit (2013) of $17,500 for employees under 50 years old and up to $23,000 (includes $5,500 catch-up contribution) for employees 50 years old and older. This is in addition to the amount you are already contributing to your 403(b) plan.