Retirement should be a reward for your hard work, and planning is key to achieving a comfortable future. Experts recommend replacing 70% to 80% of your working income for a comfortable retirement, which requires diligent saving.
457 Plan
The Boise Police Officer's Deferred Compensation Plan is available to all eligible police union employees. The City will contribute 6.2% of base pay into the 457; the employee contribution is optional. An after-tax Roth option is also available.
The maximum amount you are allowed to contribute is based on taxable compensation as defined by the Internal Revenue Code (IRC). The current maximum contribution amount is 100% of your compensation less any mandatory before tax contributions to a governmental pension plan per year or $23,000 whichever is less. Employees age 50 or over can contribute an additional $7,500 per year.
457 Roth Option
The 457 Roth option lets you contribute after-tax dollars, meaning you pay taxes now. The benefit is that your withdrawals during retirement are tax-free, provided certain conditions are met.
You can go to Empower Retirement to begin a new enrollment, update your beneficiary or change your salary deferral amount, either by percentage or a flat dollar amount We will receive a report each month detailing the actions that have taken place during the month so we can ensure they are entered in the system for payroll.
Investment Risk vs The Risk of Not Investing (PDF)
Personal Account Loans
Loans are available to all participating employees. Information on obtaining a loan is available at www.empower-retirement.com.
Employer Contribution
The City contributes 6.2% of the employees' base annual salary.
New Participant Forms
New participants must fill out an enrollment form provided by Human Resources. If you have questions in regards to filling out the forms: email totalrewards@cityofboise.org or call (208) 972-8090.
If you have questions regarding the investments, please use contact info below.
Contact
Empower Retirement Services
11811 NE 1st St, Suite A304
Bellevue, WA 98005
(800) 462-9277
https://participant.empower-retirement.com
