How To Participate

When Can I Enroll in the Plan?

Immediately. There is no waiting or probationary period for participation in 457 Deferred Compensation Plans, unlike those you may find with your employer's primary retirement plan.

How Do I Begin Saving?

You'll need to complete CCOERA's 457 Deferred Compensation Enrollment Form to authorize your employer to begin making contributions to your Deferred Compensation account.  All contributions to 457 Deferred Compensation Plans must be made through payroll reduction.  Enrollment forms are available through the CCOERA website www.ccoera.org or by contacting CCOERA directly.  They must be completed and turned into your employer the month before they can be effective. 

Is There a Minimum Contribution Amount?

No, you may defer any amount that is affordable for you.

May I Change The Deferral Amount?

Yes. You may increase, decrease, stop or re-start your deferral amount at any time.  Change requests must be completed and turned into your employer the month before they can be effective. 

Are there Limits on Contributions?

The maximum amount that public employees may contribute to a 457 Deferred Compensation Plan is subject to the annual limits specified in section 457 of the Internal Revenue Code, which may be changed each year based on changes in the annual inflation rate.  Generally, you may defer up to 100% of your gross pay after normal deductions, not to exceed a maximum annual dollar limit, see current year's Plan Contribution Limits (update) under the CCOERA Plan Information tab at this CCOERA 457 Plan link.

What is the "Age 50" Contribution Limit?

Since 2002, participants have had an additional way to catch up 457 deferred compensation contributions.  All participant age 50 or older are allowed to make additional contributions above the regular contribution limit.  We refer to this as the "Age 50" limit.  These contribution amounts are not based on prior contributions made, nor limited to a specified number of years, like our traditional "Special Catch-up" limit. 

What is the "Special Catch-up" Provision?

The "Special Catch-Up" provision allows participants to catch up amounts not deferred during eligible years of employment.  In order to utilize the "Special Catch-Up" provision you must meet the following requirements:

  1. You were an eligible participant in a 457 Deferred Compensation Plan, through a CCOERA member employer, during any taxable year since 1979.
  2. You deferred less than the maximum allowable, under the regular annual limit, in any of the years of eligible participation.
  3. You are within 3 years of the plan's Normal Retirement Age.

Under the "Special Catch-Up" provision, you may defer up to twice the regular annual limit, per year, for up to three consecutive calendar years.  However, you may only catch up eligible amounts that you did not defer in previous years that you had access to a CCOERA member employer 457 Deferred Compensation Plan.  The current year's Plan Contribution Limits (update) may be found under the CCOERA Plan Information tab at this CCOERA 457 Plan link.