457 Deferred Compensation
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.
Accessing your Nationwide Deferred Compensation Plan
1. Go to the Nationwide Pierce County webpage.
2. Select Log In and then Sign up for an online account.
For security reasons, never share your Web password or PIN with any other person.
1. Enter your Social Security Number.
2. Use your date of birth for your initial Personal Identification Number (PIN); for example, if your birthday is Feb. 15, 1972, your PIN is 02151972.
3. Create a new four-digit PIN at the next prompt, this is your PIN you will use in the future
Nationwide's Home Office 877-677-3678.
|Age||2013 - 2014||2015 - 2017||2018||2019||2020||2021||2022||2023|
|50 and over||$23,000
Age 50+ catch-up
If you are age 50 or older by the end of the year, your individual limit is increased by $7,500 in 2023. Raising your individual limit from $22,500 to $30,000.
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.
Effective January 2023, Pierce County will match eligible employees Deferred Compensation pre-tax contributions up to 2% of their base salary.
Eligible employees include those represented by the 1889 Deputy Sheriffs’ Independent Guild, AFSCME 3752 Correctional Lieutenants, Captains’ Association, Pierce County Corrections Guild, and the Undersheriff, Bureau Chiefs, and Majors.
All annual contributions into the 457 plan, both employee and employer together, cannot exceed the annual maximum contribution limits set by the IRS.