Deferred Compensation Plan 457(b)
Helping You Plan for Your Financial Future
You can start saving for your financial future from the first day of employment with Prince George’s County through the County’s Deferred Compensation 457(b) Plan.
In accordance with provisions of Section 457 of the Internal Revenue Service Code, Prince George's County has established a Deferred Compensation Program for employees in a permanent status to save money for retirement while saving money on taxes every pay day.
Employees will pay no state or federal income taxes on the amount deferred or on the earnings in their account during the working years. Taxes are only paid on the amount withdrawn, after retirement or separation from employment with the County.
Questions about this plan may be directed to at PGCDeferredComp@co.pg.md.us.
|CALENDAR YEAR 2021 CONTRIBUTION LIMITS|
|*Age 50 and Over Catch-up||$26,000|
Contribution amounts may be changed or discontinued anytime by logging into the Employee Self Service (ESS) portal.
- Click on the index tab and select “Anytime Changes”
- Click “Accept”
- Select “Savings Plan”
- Click the “Actions” edit pen and change the contribution amount to no less than $10 (If discontinuing, change the contribution amount to $0)
- Click “Add”
- When finished making changes, click “Save” at the top of the screen
(contribution amount will not change unless saved)
ICMA-RC RETIREMENT CORPORATION
|777 North Capitol Street, N.E.
Washington, D.C. 20002-4201
Great West Life Center III
8525 E Orchard Rd
Greenwood Village, CO 80111
|Widmann Financial Services
Enrollment and participation in the plan may occur at any time. Employees may only select one of the two providers and must complete the applicable enrollment forms. A whole dollar amount at a minimum of ten dollars ($10) bi-weekly, must be indicated on the enrollment form. Enrollment is not considered complete until a deduction amount is designated.