A 457(b) deferred compensation plan is a retirement plan offered by your employer, created to allow public employees like you to put aside money from each paycheck toward retirement. A deferred comp plan can help bridge the gap between what you have in your pension and Social Security, and how much you'll need in retirement. We also allow you to designate Roth contributions to the 457(b) plan.

You can also get information about Trust Committee meetings or reach out to City of Seattle Plan Management.

Frequently asked questions
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A 457(b) plan allows for penalty-free withdrawals once you stop working for your public sector employer, even if you are under age 59½. This is a unique benefit compared to other retirement plans, which typically impose a 10% early withdrawal penalty tax for withdrawals prior to age 59½.

Tax-deferred, also known as pre-tax, means you don't pay income taxes on your plan contributions or earnings until you withdraw the money, typically in retirement. This can lower your taxable income now and potentially in retirement.

Contribution limits vary by plan type and are subject to IRS regulations. Check out the current contribution limits.

Yes, you can often combine or consolidate your eligible retirement accounts into one plan. This can make managing your retirement investments easier and potentially reduce administrative costs. Visit the consolidation page to learn more on consolidating your retirement accounts

Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or an additional 10% early withdrawal tax if withdrawn before age 59½.