RETIREMENT SAVINGS 457 BENEFITS
City of Palo Alto offers a 457 Deferred Compensation Plan to help you save and invest for your retirement. Our Deferred Compensation plan, administered by Mass Mutual and ICMA, allows you to set aside pre-tax money each pay period and have it invested as you wish. These plans have many investment options and we encourage you to learn about both plans before making a decision. Plan representatives visit City Hall once a month - you will receive an email regarding their visit and how to schedule an appointment towards the end of the month. You can also get in touch with Plan Representative using the contact information below.
Mass Mutual Patrick Washington: (888) 593 0259
ICMA Ray Ortiz: (888) 883-8571 firstname.lastname@example.org
Learn more about Retirement Saving 457 benefit
How do I access my plan
You can access your plan online either on ICMA or Mass Mutual's website. Please click below to access the sites:
Benefit Guide & Enrollment/Change Forms
To Learn more about the different 457 plans, please refer to the link below
To enroll in or update your 457 Deferred Compensation benefits, please refer to the link below:
How much can I contribute towards my 457 plan?
You can put up to a maximum of $19,500 towards the 457 savings plan in 2020.
Your per pay period deduction will vary based on the amount you select to put towards your 457 savings plan.
When does my coverage start?
Your coverage will start in the first pay period of the following month in which you turn in your enrollment form. You can enroll into the 457 Retirement Saving plan at any time.