Open Enrollment October 27 - November 14

457

What is a 457 plan?

A 457 plan is a voluntary way to invest pre-tax or post-tax dollars in a retirement savings account. This plan is for employees on the weekly Cambridge payroll.

Benefit eligible employees can contribute up to the IRS maximum each year. If you are 50 or over, you can contribute an additional amount each year.

How to access my retirement account:

Weekly employee Enrollment Guide

You can access TransAmerica online at (transamerica.com/portal) or by phone at 800-755-5801

New hires, please note, you will be able to set up your TransAmerica account after you receive your first pay.

All weekly Cambridge payroll employees have the ability to enroll in this voluntary plan – even if they are in the Cambridge Pension Plan

You can contribute any amount (up to IRS limits)
Can choose pre-tax, post-tax (roth) or a combination of both
There are no employer contributions

Annual IRS Limits for 2025

Your contribution Limit: $23,500
If you are age 50 or older you can contribute an additional $7,500 (total annual contribution of $31,000)
If you are age 60-63, you can contribute an additional $11,250 (total annual contribution of $34,750)

These are calendar year totals and can be any combination of pre-tax or roth (post-tax)

Don't forget: Designate a Beneficiary

This is done directly with Transamerica

Instructions on how to view/update your beneficiary.

Schedule a 1 on 1 with TransAmerica

You can meet 1 on 1 with a TransAmerica Retirement Planning Consultant by clicking here.

Managed Accounts through SageView Advice Services

This is an easy-to-use, professionally managed service that can save you time and energy in building a sound retirement strategy.

Benefits include a personalized investment portfolio, specific recommendations for how much to save and when to retire as well as future income projections and retirement readiness evaluation.

Easy to use. Easy to get help. Signing up for the service takes little time and offers access to financial professionals who can answer your questions and help create a retirement strategy just for you. The annual fee is 0.43%, which accrues daily and is deducted monthly from your account. That would be about $4.50 per year (0.36 cents per month) based on an account balance of $1,000. This fee is applied to your Advice Services balance only. You can try it for free for 90 days. We will be hosting an informational employee webinar to review the benefit and allow you the opportunity to ask questions from the experts.

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