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Human Resources Department

What is a 457 Deferred Compensation Plan and why should I be interested?

Most people prefer not to take a pay cut as a result of retirement. Therefore, money that has been set aside in a supplemental retirement plan can help make up the difference between what you were used to earning and what you receive as a retirement benefit from OPERS. Obviously, the more you save, the more you will have at retirement.

457 Deferred Compensation is like a 401k in the private sector. It is the type of plan available to government employees. Everything you contribute comes out of your paycheck before federal and state taxes are calculated. This money grows tax deferred until you withdraw it from your account. You choose how the money is invested and can select from aggressive investment options to fixed, guaranteed options.

You can learn more by visiting the websites of our three vendors:

ING Financial

Ohio Deferred Compensation

CCAO (County Commissioners' Assoc. Deferred Comp Plan)

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