Deferred Compensation (457) Plans
The Borough’s Deferred Compensation program allows employees to set aside (through payroll deduction with pre-tax dollars), an amount up to 100% of taxable compensation or $19,000. Employees are eligible to begin using the age 50 catch-up provision in the calendar year that they reach age 50. Those employees can take advantage of the catch-up provision by contributing an additional $6,000 for a total of $25,000. Special 457(b)catch-up contributions allow a participant for 3 years prior to the normal retirement age and that have not maximized contributions to contribute up to $38,000. Please verify with Human Resources.
There are significant tax advantages for participants in a 457(b) plan:
- Contributions to a 457(b) plan are tax-deferred.
- Earnings on the retirement money are tax-deferred.
Home Office: PO Box 1583, Hartford, CT 06144-1583
(800)528-9009 8 am to 8 pm EST
MassMutual accounts are serviced by local Edward Jones Financial Advisors
A. Christopher Knott
4001 Geist Road
Fairbanks, AK 99709
(907)458-7700 or (800)840-8141
Jose' Luis Martinez
316 Old Steese Hwy, Suite A
Fairbanks, AK 99701
Contact one of the above representatives for Enrollment Information
MassMutual Change Form
One Nationwide Plaza
PO Box 16766, Columbus, OH 43272-8227
Brent Flowers, Representative in Ohio
(877) 677-3678 Opt 8, then ext 48834
Nationwide Enrollment Packet