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.
Please remember to double check to make sure
contributions to Great-West have been deposited to the correct account
as follows: CERF 457 Plan (#98993-01) for employee deferrals (except .7%
contributions) and CERF 401(a) Plan (#98993-02) for .7% contributions
and the CERF match.
RETIREMENT PLANNING MADE
EASIER
The CERF 457 and 401(a) Retirement
Plans are powerful tools to help employees reach their retirement
dreams. A new feature was recently added to the CERF plans to make
preparing for retirement a little easier. Reality Investing
is a tool that offers different retirement planning strategies for
different types of investors.
Some people like to take a “hands
on” approach when it comes to investing for their future. Others would
prefer to leave the investment decisions to the professionals. Whatever
your style, Reality Investing offers tools that can help you. For more
information on the CERF 457 and 401(a) Savings Plans and/or Reality
Investing, contact our Great West CERF Savings Plan Representative, Jim
Ellison, at 1-877-895-1394, ext.120.
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