Deferred Compensation Plans
The City offers two deferred compensation plans. These plans are known as 457 plans; participation is voluntary. Both plans offer a variety of investment options, the ability to monitor your plan performance online and make changes to your portfolio. Complete plan information is available by contacting plan representatives directly.
Nationwide
Candice Cataldi
877.677.3678
cataldc@nationwide.com
ICMA
Nick Rea, CEBS
Retirement Plan Specialist
W: 866-328-4674 (messages and account access)
C: 202-550-9613
F: 844-340-9069
Berkley Human Resources
3338 Coolidge HWY
Berkley, MI 48072
248.658.3310 phone
hr@berkleymi.gov
Office Hours
M-F 8:30AM - 5PM
Closed from 1-2pm
Deferred Compensation Plan FAQs
See below some our most common questions.
You must start taking distributions from a Section 457 plan no later than age 70 1/2. According to the minimum required distribution rules, your distributions must be in equal installments, based on your life expectancy and made at least annually.
Taxes are payable when you receive your funds.
- Your taxable income is reduced
- You can save more for retirement
- Contributions and earnings grow tax-deferred
- Contributions can be rolled over to a new employer's 457(b) or 401(k) or into an IRA
If you're within three years of retirement, you can make larger contributions to get ready for retirement. During those three years, you can contribute more than the annual limit but only if you have contributed less than the maximum in previous years. Check with a plan representative for any changes to this provision.