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457 Plan
457 Plan
Voluntary Contributions
All county employees who participate in this plan can make voluntary contributions equal to either a flat-dollar amount or a percentage of pay through regular payroll deductions. The minimum amount you can contribute is $10 each month. Under federal law, the maximum amount you can contribute or defer in a calendar year is the lesser of 100% of includible compensation or:
$15,500 (2007)
$15,500 (2008)
Includible compensation is defined as gross salary less payroll deductions for mandatory employee contributions (Pension Plan) and .7% (Savings Plan) withholdings. If you participate in more than one 457 plan, you are responsible for monitoring the amount you defer under all plans so as not to exceed the maximum deferral limit.
Because CERF cannot provide tax advice, you are encouraged to speak with an independent tax consultant if you have questions about the taxation of your contributions, maximum deferral limits or how CERF works with other plans in which you participate.
401(a) Plan
Investing Your Money
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