457 Plan

Each year, CERF’s Board of Directors will determine the amount available for matching contributions. The maximum match that the Board can approve is:

50¢ for every dollar that you contribute, up to the first 6% of pay

This will apply to Non-LAGERS and LAGERS participants.

To receive the match, you must have made 457 contributions during the plan year and you:

• Have earned at least 1,000 hours during the year, or on a qualified leave of absence, on December 31; or

• Are at least 62, and separated from service, vested in the CERF Pension Plan; or

• Die during the year.

Although CERF’s match is based on your voluntary contributions to the CERF 457 plan, the actual matching funds are deposited into your CERF 401(a) account.  As periodic account statements are received from Great-West, you will want to verify that your 457 contributions are being deposited into the 457 plan account (rather than 401(a) plan) in order to receive the full match to which you are entitled.