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Voluntary 457 Plans

2014 IRS 457(b) Deferred Compensation Limits

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, 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 $17,500 for 2014.

Keep in mind that you can monitor your year-to-date contributions on your payroll check stub.

Limit Year 2014 Limit Amount AGE 50 or Older
2014 Annual Limit $17,500 $17,500
Catch Up $0 $5,500
Total Eligible 2014
457(b) Contributions
$17,500 $23,000

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

Nationwide Retirement Solutions
- Please (click here) for a link directly to their website
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Retirement Services

City County Building
400 Main Street
Suite 371
Knoxville, TN 37902
Phone: 865-215-2323
Fax: 865-215-2421
Hours:
Monday - Friday
8:00 am - 4:30 pm
Department Email