GOV
Deferred Compensation Plan
The deferred compensation plan (457) is a retirement savings plan available to eligible City employees and administered by Empower, a financial services company.
Overview
Deferred Compensation is a voluntary benefit administered by Empower for the City of St. Louis.
A 457(b) deferred compensation plan is a retirement savings plan offered by state and local governments and some nonprofits. It's the equivalent of 401(k) plans offered by private employers. These plans allows eligible employees to supplement any existing retirement and pension benefits by saving and investing before-tax dollars through a voluntary salary contribution.
Permanent full-time City employees are eligible to participate immediately upon hire.
Contributions and any earnings on contributions are tax-deferred until money is withdrawn. Distributions are subject to ordinary income tax.
Direct all questions to:
Crystal Thompson, Empower Plan Advisor
314-223-0591
Contact
Crystal Thompson
Retirement Plan Advisor
crystal.thompson@empower.com
314-223-0591
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