Deferred Compensation Plan

Employee Benefits and Risk Mgmt. Director

Christine Stickler
[email protected]
(865) 215-2111

400 Main St., Room 504
Knoxville, TN 37902

Last item for navigation
  • Share on Facebook
  • Share on Twitter
  • Share via Email
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 SageView Advisory Group, LLC under a contract with the City.  SageView is paid from the total funds of the Deferred Compensation Plan.

Empower (formerly Prudential Retirement Services) is the record keeper for the plan. Empower receives the deferred funds and distributes them to the approved account options selected by employees. Empower maintains contracts with the account managers and is paid by those account managers from the funds within the accounts.


EMPOWER CONTACTS
 
Empower Retirement Help Number
1-877-778-2100
(Hit 0# for a human being)

Retiring, Leaving the City, Disabled, or Death
800-992-4472
Call for disbursements for deferred comp

Online
Empower 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

GreenPath
If you are currently struggling with debt, GreenPath has a solution.  Call them for a free consultation at 877-444-5606.

SAGE411
Our consultant, SageView, gives you access to speak with a certified financial planner to help you plan for retirement.  Visit sage411.com or call 1-833-SAGE-411.

Deferred Comp FAQ