Get to know your 457 Deferred Compensation Plan

Your 457 Deferred Compensation Plan, a benefit offered by your employer and managed by MissionSquare Retirement, gives you control over when and how much you save, how to invest those savings, and how to withdraw funds in retirement. While it may seem far into the future, retirement and planning for it should be balanced with everything else, including your current finances, career stage, and life situation.

• Eligibility

  All full-time and non-career employees are eligible to join the plan upon hire.

• Enrollment

  Join your plan online at www.457longbeach.org.

• Contributions

  You can elect to make pre-tax contributions only. You can decide the amount to contribute within the IRS contribution limits and can change your contribution amount at any time. To elect or change your contribution, please log in to your LifeView account.

  For current limits, visit www.missionsq.org/contributionlimits.

  You may also transfer, or roll over, other eligible retirement accounts to the plan.

• Vesting

  Vesting refers to your ownership of the money in your account. You are always 100% vested in your own contributions and their earnings.

• Investments

  Your contributions will be invested in the funds that you select from within the plan's investment options or the investments within the brokerage account option (mutual funds only). The value of your account will fluctuate based on the performance of the chosen investments. Carefully review your investment options before making your selections. You can make changes to your investments at any time.

• Withdrawals

  After you separate from service with your employer, you will be eligible to withdraw your money at any time. However, you will not be required to take any withdrawals until after age 591/2 while you are still employed. You are eligible to take an in-service withdrawal if employed at age 591/2 or over.

• Loans

  Your plan allows you to borrow money from your account while you are still employed. The maximum loan amount is limited to half of your account balance or $50,000, whichever is less. A maximum of 1 outstanding loan is allowed. Loan repayments are made via payroll.