The city offers you a 457 Plan for setting aside additional pre-tax or post-tax (ROTH) money towards your retirement.
The 457 Plan concept is simple: you contribute a part of your salary now into the plan where it grows until you withdraw it during retirement. Contributions and earnings made before tax and are not taxed until the money is withdrawn. Contributions and earnings made post-tax (ROTH) are taxed but the money is not taxed at withdrawal provided you have held the account for five years.
The city’s Plan provider is TIAA-CREF. Annual maximums are provided by the IRS each year, and a catch-up provision for participants over age 50 is provided. The 2024 maximum contribution is $23,00, over 50 catch-up provision is $7,500. TIAA-CREF provides the opportunity to enroll and change your deferrals online. Download a guide for help(PDF, 190KB).
Both programs offer a range between high and lower risk investment opportunities and both offer professionally managed plans in the event you would like more support with your investing. Both also offer target retirement date funds which are actively managed with a goal retirement date in mind.