457 Plan Overview
Below are the important features about your plan. This website is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your local https://washoeco.beready2retire.com/plan-information/457-plan/plan-overview.
Washoe County will reduce your paycheck by the amount you specify and forward it to Voya on a bi-weekly basis. The minimum contribution amount is 1% or $10.00. Your contributions are invested in your choice of any combination of the investment options available through the Plan (see Investment Options for a complete list).
Under the Plan, the maximum annual contribution amount is set by IRS guidelines on a yearly basis. You may view the current limits here.
Roth after-tax contributions are available. To learn more about Roth contributions and if they’re appropriate for your retirement saving strategy, visit the Guide to contribution options in employer retirement plans.
The Plan allows for the following distributions: severance of employment, unforeseeable emergency, required minimum distribution.
- The latest date to which you can defer payments is the April 1st of the year following the year you reach age 70½, or April 1st of the year following the year you retire, whichever is later.
- Take all or a portion of your account balance in cash.
- Your distribution can be rolled over into a 401(a), 401(k), 403(b), other governmental 457 plan, or a traditional IRA, if available and roll-overs are permitted.
- An unforeseeable emergency withdrawal;
- IRS minimum required distributions payable on or after you attain age 70½; and
- Periodic payments made over your life or a specified period of 10 years or more.
Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency