Human Resources

Human Resources

Deferred Compensation - 457 Roth - After-Tax

Effective January 2016, in addition to the 457 pre-tax Deferred Compensation plan available through ICMA-RC, the City will provide an opportunity to all benefited employees to enroll in a 457 Deferred Compensation After-tax Roth plan option and make contributions on an after-tax basis. Benefited employees will have the option to make Deferred Compensation contributions on both a pre-tax and/or after-tax basis.

Below you will find tools, resources and forms from ICMA-RC related to the 457 after-tax Roth plan.


  ICMA-RC 

IRS Section 457 Roth Plan Highlights

  1. Enrollment is continuous - participants can enroll, stop and change at any time.
  2. The minimum contribution is $10.00 per pay period.
  3. The maximum allowable contribution under the IRS for calendar year 2016 is $18,000 per year ($24,000 per year if employee turns 50 years or older in the calendar year). This includes pre-tax and after-tax contributions combined.
  4. Participants may request to convert 457 pre-tax contributions to 457 after-tax contributions; please review with your tax advisor as there are tax implications.
  5. The City may contribute a specific amount for employees in certain bargaining units. The City contribution must be contributed on a pre-tax basis only and if the participant only has a ROTH account, the City contribution will be sent to a pre-tax account.
    1. The City contribution for Executive, Elected Officials, Management I/II and Confidential employees is $75/month and employee must contribute at least $12.50 per pay period.
    2. The City contribution for IBEW Supervisory employees is $250/month and the employee must contribute at least $25.00 per pay period.*
    3. The City contribution for Fire-safety Management employees is $210/month and employee must contribute at least $25.00 per pay period. City contribution is $200/month, if enrolled in LTD.*
    4. The City contribution for Police-safety Management and Supervisory employees is $215/month and the employee must contribute at least $25.00 per pay period. City contribution is $200/month, if enrolled in LTD.*
    *Premiums for Long-Term Disability are paid out of the City's contribution to deferred compensation.
  6. Balances in 457 accounts through previous employers may be transferred to the City. Effective January 1, 2002, plans such as 401(a), 401(k), IRA and 403(b)  are compatible with 457s under the IRS code and can be rolled over to a 457 plan.

Deferred Compensation enrollment packets contain complete details of benefits and exclusions. The City of Riverside Human Resources Department and ICMA-RC Member Services are also available to answer questions.

If you have additional questions regarding the Roth plan, please contact ICMA-RC Member Services at (800) 669-7400. Also, the Human Resources Benefits Division is available at 951-826-5639 to answer benefit questions.

 

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