Deferred Compensation Plan 457(b)
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 payday.
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 Taxes are only paid on the amount withdrawn, after retirement or separation from employment with the County.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.
Contribution Limits
| CALENDAR YEAR 2023 CONTRIBUTION LIMITS | |
|---|---|
| Normal Contribution | $22,500 |
| *Age 50 and Over Catch-up | $30,000 |
| **Pre-Retirement Catch-up | $45,000 |
*Employees who are or will be at least 50 years of age, at any time during the calendar year, are eligible to defer up to $30,000 contribution limit.
**Only employees who are within 3 years of their normal retirement age may defer up to the Pre-Retirement Catch-up contribution limit.
Changing Contributions
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
Note: contribution amount will not change unless saved.
Program Service Provider
Participant Services
1 (877) 301-4571
Monday - Friday (8 a.m. - 10 p.m. ET)
Saturdays (9 a.m. - 5:30 p.m. ET)
Empower Plan Representatives
Bryant Mayes III | CRPC®
Retirement Plan Advisor
(410) 218-6598
Catherine Pfeilsticker | CRPC®, CRC®, ChFC®
Retirement Plan Advisor
(540) 907-2045
Schedule an appointment with a plan representative.
Enrollment
Enrollment and participation in the plan may occur at any time. Employees must complete the Empower Enrollment Form. 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.
Send the completed form to:
Retirement Services and Pension Division
1400 McCormick Drive
Suite 125
Largo, Maryland 20774
PGCDeferredComp@co.pg.md.us
Transition
Prince George’s County has selected Empower Retirement as the sole service provider for the Prince George’s County 457(b) Deferred Compensation Plan and 401(a) Executive Plan.
For updated information regarding the Transition to Empower, please visit www.empower.com/client/pgcounty/.
Change in Service Provider for the 401(a) and 457(b) Retirement Plans
For more information, please see the humhu regarding the transition.
