The City of Surprise provides all full-time and part-time regular employees the opportunity to enhance their retirement income through contributions to a 457(b) account. The City will contribute 1% of the employee’s gross wages per completed period. The employee is not required to contribute in order to receive the City’s contribution. If the employee would like to contribution they may enroll in employee contributions to 457 supplemental retirement savings on a pre-tax basis or through an after-tax Roth. With a pre-tax option federal, and in most cases, state income taxes are deferred until your assets are withdrawn, usually during retirement when you may be in a lower tax bracket. When you contribute to a Roth 457(b), your contributions are made with after-tax dollars but withdrawals of contributions and earnings can be tax-free during retirement if certain conditions are met.
Contribution limits are set each calendar year by the IRS. To get the most up to date contribution limits please visit www.irs.gov or contact our Nationwide Retirement Specialist: