MetroMax 457 Deferred Compensation Plan

Employees under the Metro Nashville and Davidson County benefits system are eligible to participate in our Deferred Compensation Plan, established under IRS Code Section 457.

This is a separate, optional benefit that allows you to make automatic contributions each pay period before income tax is deducted towards a personal retirement account that exists separately from the pension provided by Metro Government. This allows you to invest additional funds towards your own retirement; you decide whether to participate and how much to invest, and you can make changes to your account at any time - including stopping and restarting the payroll deductions.

As the sponsor of a 457 plan, Metro must follow IRS rules on administering the plan for employees, including a limitation on the amount you may contribute in any one year. MetroMax Logo

Making Withdrawals

Withdrawals from the 457 plan are allowed after you retire, separate from service, die, or become disabled. Withdrawals may also be made for "unforeseeable emergencies" - a severe financial hardship resulting from a sudden and unexpected illness or accident to a plan participant or dependent.*

When you withdraw funds from your 457 plan, you will pay current income taxes on it - unless you roll the sum into another tax-deferred vehicle.

* It is very difficult to qualify for an emergency withdrawal. To do so, you must satisfy strict IRS rules. For more information, or to obtain the proper forms to request an emergency withdrawal, contact your plan service provider.

Distribution Options

Federal law allows you to receive a distribution from a 457 plan only when you experience one of the following triggering events: separation from service*, attainment of age 70 1/2 (unless you are actively employed), or death.

The IRS requires that distributions under a 457 plan begin no later than April 1 following the year in which you reach age 70 1/2 or separate from service, whichever occurs later. Failure to receive the minimum required distribution for any tax year may result in a 50% excise tax on the amount you failed to take as a distribution.

* When you separate from service, you are not required to make a 457 plan benefit election. For more information, please contact the plan administrator.

Rollovers

If you receive a distribution from your Metro 457 plan account at retirement, you will be permitted to roll the money over to another eligible retirement plan sponsored by an employer - such as a 401(k), a 403(b), or another 457 plan - or a traditional IRA. You may also roll over money from a previous employer into Metro's 457 plan.

For more information, please contact your 457 plan administrator.

Contact Info

ING's Nashville Office
214 2nd Avenue North, Suite 2
Nashville, TN 37201
Monday-Friday 8 a.m. to 5 p.m

For general inquiries regarding Metro's 457 Deferred Compensation plan, please contact the administrator, ING, at:

1-800-584-6001, ext. 0

For specific information regarding the MetroMax 457 plan, or to sign up for, make changes to, or cancel your existing 457 retirement account, please contact one of our advisers:

Katherine Schoeff

(615) 627-5938

Jonathan Cox

(615) 627-5935