Empower Retirement Website
Changes to your deferred compensation plan and contributions can be made at any point throughout the year online! Visit the Empower website to view your statements electronically and model different scenarios! Make sure to register and create an account so you can take advantage of these helpful and convenient features. If you need assistance registering, contact Participant Services at (888) 672-7240 or visit www.empower-retirement.com/participant. The City's Empower representative, Eric Winston, is also available for virtual or in-person meetings to assist employees. To schedule an appointment with Eric, please visit https://eric-winston.empowermytime.com/ and select your appointment time.
Links
2024 Annual Maximums
- Regular maximum (under age 50) - $23,000
- Age 50 and over maximum - $30,500
- Special catch-up - $46,000
- You must pre-qualify for the Special Catch-up prior to enrollment.
Deferred Comp Empower Retirement
A government 457(b) deferred compensation plan is a retirement savings plan that allows eligible employees to supplement any existing retirement and pension benefits by saving and investing in a traditional and/or ROTH account. The traditional plan allows employees to invest before-tax dollars through a voluntary salary contribution. Contributions and any earnings on contributions are tax-deferred until money is withdrawn. Distributions are subject to standard income tax.
ROTH Plan
The ROTH option allows employees to contribute after-tax dollars in a 457(b) account to be invested. Since taxes are deducted prior to contribution, withdrawals are tax-free and penalty-free for eligible participants upon retirement.
Enrolling in Deferred Comp
If you would like to enroll in deferred comp, visit the Empower Retirement website and register online. Contact Janna Bradley in Human Resources to request a copy of the enrollment flyer for the most updated enrollment code, as the code changes quarterly. All full-time employees are eligible to participate and may enroll in a deferred compensation plan at any time throughout the year, not just during Open Enrollment.
You will need to make four decisions when enrolling:
- Which type of account do you want to participate in? Traditional (before-tax) contributions, ROTH (after-tax) contributions, or a combination of both
- When do you want to start contributing? You can start participating any time throughout the year.
- How do you want your account managed? Would you rather manage it yourself or enroll in the Managed Account Service (for a fee)?
- Who would you like to be your beneficiary? You must have at least one primary beneficiary, and you will need to know their date of birth and social security number
Deferred Compensation Representative
Eric Winston
Phone: (951) 404-9112
Email: Eric.Winston@empower.com
Website: https://eric-winston.empowermytime.com/