Voluntary 457 Plans
2012 IRS 457(b) Deferred Compensation Limits Announced
Each year the IRS sets limits for how much a 457(b) Participant can contribute on a pre-tax basis. For participants who are age 50 or older and for those who are within 3 years of normal retirement (age 62, 63, 64 except for UOPP who is 3 years prior to 25 years of service with a minimal age of 50), additional contributions are allowed up to a higher limit. For participants who wish to use the “catch-up” provision and contribute more than the basic limit, the Retirement Office must be informed with a notation on the 457(b) Enrollment/Change Form. Unless otherwise noted, Participants will be limited to the annual limit of $17,000 for 2012.
Click here to download the 457(b) Enrollment / Change Form.
Please contact the Retirement Office at 215-2323 with any questions.
| Limit Year | 2012 Limit Amount | AGE 50 or Older | Age 62, 63, 64 |
| 2012 Annual Limit | $17,000 | $17,000 | $17,000 |
| Catch Up | $0 | $5,500 | $17,000 |
| Total Eligible 2012 457(b) Contributions |
$17,000 | $22,500 | $34,000 |
As a participant in the Asset Accumulation Plan, you are eligible to contribute to one of (4) four Voluntary 457 (b) vendors under the Knox County Retirement & Pension Board. You may contribute an additional percentage of pay on a pre-tax basis and your contributions are matched based on years of service.
| Years of Service | Employer Matching Contribution | The Employer matching contributions are deposited into your 401(a) retirement plan. |
| Less than 5 years | 0% | |
| 5 to 9 years | Up to 2% | |
| 10 to 14 years | Up to 4% | |
| 15 or more years | Up to 6% |
457 (b) Providers
-Knox County Voluntary 457 Plan
-Knoxville Teachers Federal Credit Union (KTFCU)-(Classified Only)
-Security Benefit
-Nationwide
Investment Fund List
For information regarding your Investment Funds through the Knox County Voluntary 457 Plan, please (click here) for the Funds List.
Other 457 Plan Providers
Knoxville Teachers Federal Credit Union (KTFCU)
- Please (click here) for a link directly to their website
Security Benefit
- Please (click here) for a link directly to their website
- Please (click here) for a link directly to their website
