Employees have the option to participate in a choice of IRS 457 deferred compensation plans - pretax and Roth post-tax options. Deferred compensation is a program that allows you to invest today for your retirement.
Some benefits of an employer 457 deferred compensation plan are:
Reducing your current income taxes, while investing for retirement.
Earnings accumulate tax-deferred.
Convenient payroll deductions.
It's portable if you change jobs.
There is no penalty for early withdrawals if you leave service or retire.
To make an appointment with Mike, go to the online scheduler to see the next available time.
Maximum Contribution Rates
2013 - 2014
2015 - 2017
50 and over
Age 50+ catch-up
If you are age 50 or older by the end of the year, your individual limit is increased by $6,500 in 2020 and 2021. This means your individual limit increases from $19,500 to $26,000 in 2020 and 2021.
Special 457(b) catch-up
Participants who have not contributed the maximum limit under IRS law in previous years may contribute an amount less or equal to the maximum limit (essentially, up to double the maximum) in the three years prior to the individual's normal retirement age.
Contact Nationwide to take action on these catch-up offers.
To apply for a hardship withdrawal you will need to complete the Nationwide Hardship Withdrawl Application return the completed forms along with copies of any documentation which supports the reason and amount for the request to Nationwide Retirement Solutions.