The City makes available to eligible employees a deferred compensation plan under IRS Section 457B. A 457B plan is similar to a 401K, but is restricted to governmental entities and has some features which differ from a 401K. Employees may defer income from the City into the plan on a tax deferred basis. The employer cannot place funds directly into a 457B plan on an employee's behalf, but the City does reimburse employees up to $10 of the first $20 deferred into the plan. Each employee determines the approved accounts, including investment accounts, that the employee's deferred income is placed in and may move the funds among the approved accounts at any time.
The plan is overseen by a committee made up of a representative of the Employee Benefits Office, a representative of the Law Department, and a representative of the Pension Board as well as four employee representatives selected by the Mayor. The committee approves the accounts available within the plan.
The Deferred Compensation Committee
is advised by Raymond James under a contract with the City. Raymond James is paid from the total funds of the Deferred Compensation Plan.
Prudential Retirement Services is the record keeper for the plan. Prudential receives the deferred funds and distributes them to the approved account options selected by employees. Prudential maintains contracts with the account managers and is paid by those account managers from the funds within the accounts.
Jessica Coleman 865-314-2109
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Prudential Universal Fax
Retiring, Leaving the City, Disabled, or Death
Call for disbursements for deferred comp
Prudential Retirement now offers custom date range statements and account performance online. Visit the link below to register online to view your balance or to create web statements. www.prudential.com/online/retirement