Deferred Compensation

As a public sector employee, you may participate in a Section 457 deferred compensation plan that allows you to save toward retirement by deferring pre-tax dollars through payroll deduction. When you contribute to the Deferred Compensation program with pre-tax dollars, you reduce your taxable income, while contributing to your retirement savings.

The maximum contribution for 2010 is $16,500 or 100% of your salary, whichever is less. The minimum contribution each pay period is $25.

All Full-time or permanent part-time employees are eligible to participate in deferred compensation. Eligible employees can enroll, change or stop deductions at any time. Henrico County offers two vendors for the deferred compensation program: ING and ICMA-RC. Both vendors provide a wide range of investment options to meet the needs of employees saving for retirement. Saving for retirement is important and any amount contributed can be beneficial toward overall retirement savings.

For additional details, check out Henrico County's brochure on Deferred Compensation.

2010 Financial Wellness Schedule of Events