Types of Savings Plans
457 Plan
The 457 plan is designed to provide tax
advantages to you through voluntary pre-tax contributions, which lowers
your taxable income, reduces the amount of tax you currently pay and, at
the same time, allows you to set aside money for retirement.
You must be enrolled in the CERF Pension Plan
to participate in the CERF 457 Savings Plan.
401(a) Plan
The 401(a) plan is designed
to provide tax advantages to non-LAGERS employees through mandatory .7% pre-tax
contributions, lowering your taxable income. This allows those employees
to set aside additional money for retirement.
|
