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You choose
- how much to contribute to a 457 employee contribution account through automatic payroll deductions (see contribution limits below).
- to have deductions taken from your paycheck before state and federal income taxes (pretax) or after taxes withheld (post-tax Roth). There are no vesting requirements.
There is no minimum contribution to participate in the 457. The 457 plan maximum contribution limits are declared by the IRS annually. See IRS annual contribution limits.
If you wish to begin or change your payroll deduction elections, go to 457 Payroll Deductions.
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Final paycheck
When you retire, you have the option to defer final wages, unused sick pay (up to $2,000), and unused vacation pay from your final paycheck (up to the IRS maximum limit). You have the option to contribute pretax, post-tax, or both. If the amount you wish to defer will cause you to go over the Age 50+ limit, you may possibly qualify for the 3-Year Catch-Up limit.
To change your 457 payroll deduction for your final paycheck, complete the Special Deduction Request form and submit it to RIC by your last day of employment.
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