Your deferred compensation plan is known as a Section 457 plan and is available to state and local government employees. Contributions to a 457 through payroll deductions are pre-tax which reduces your taxable income.

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.

Your 457 Plan is an investment and like all investments there is risk. We've all seen news reports on dramatic increases and decreases in investment performance. These changes can affect both your earnings and principal. Only you can decide what investment options are best for you. Things to consider include how long before you plan to withdraw your funds, your personal comfort level with risk and other personal financial goals. Your personal financial advisor or representative of the deferred compensation plans can assist you in selecting the investment options best suited to your needs. City staff cannot recommend investment options or give financial advice.

Assets in a state or local government 457 are held in trust. This protects them from creditors and potential insolvency of the plan administrator.  Each employee has their own account and can direct his or her account balance into any approved investment option. Please note that there are fees to consider with any plan.

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.

Each year, the City has been lining the sewer system to maintain its structural integrity and extend the service life of the pipe network.

In January 2019, City Council awarded a five-year bid contract to Granite/Inliner to perform this work.

Project Scope and Overview
Pipe candidates for lining are determined each year based on rating criteria from the regular sewer inspections. 

Inliner will be notifying impacted residents via hand-delivered notices with contact information for the project.

QUESTIONS? Contact Project Manager Derrick Witz via email at derrick.witz@puriscorp.com or phone at 734-608-6009.

Project Start:  April 2023
Project Completion: Late Fall 2023

Click here to view the map of this year's sewer linings. 

To view the Project Map and Details 

• 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