The Housing Agency Retirement Trust 457 Deferred Compensation Plan
This Plan is designed to supplement your current plan, and allows you to make
voluntary contributions on a pre-tax basis. Allowing you to take full advantage of the power of
tax-deferred savings can help you maximize your ability to save for retirement. The 457 plan is
completely voluntary and does not require employer contributions.
How Do 457(b) Plans Work?
Employees may make contributions through salary reductions up to the Internal Revenue Code (IRC) limits.
What Are The Advantages Of Participating In A 457(b) Plan?
There are significant tax advantages for participants in a 457(b) plan:
- Contributions to a 457(b) plan are tax-deferred for federal taxes and state taxes, if applicable.
- Earnings on the retirement money are tax-deferred.
- Participants do not pay taxes on the pre-tax contributions or earnings until they take a distribution from the Plan.
Who Is Eligible?
- All Employees eligible to participate in the Defined Contribution Plan are eligible to
participate in the Deferred Compensation Plan.
- There are no other age or service requirements.
Contributions?
- A participant must agree to defer a minimum of $10 per pay period.
These contributions are payroll deducted.
- A participant may at any time revoke his or her agreement to defer compensation.
- Pre-tax contributions are limited to the amount allowed under the tax laws for any calendar year.
- The maximum amount which may be deferred is 100% of the participant's includable compensation
as defined in Code Section 457(e)(5) for such plan year. For 2011, this amount is $16,500.
Modern Funding?
Participants are able to choose and allocate contributions into a variety of
investment options. Since everyone's investment strategy is unique, HART offers fund diversification
without duplication. Investment Advisory Services are also available through Guided Choice.
The current investment funds available are:
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DWS Core Fixed Income Fund – Class A
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DWS Strategic Value Fund – Class A
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DWS High Income Fund – Class A
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DWS Global Opportunities Fund – Class A
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MFS® Total Return Fund – Class R2
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BlackRock Small Cap Growth Equity Portfolio – Class A
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DWS Health Care Fund – Class A
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Royce Value Fund – Class S
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DWS Blue Chip Fund – Class A
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Perkins Mid Cap Value Fund – Class S
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Allianz CCM Mid-Cap Fund – Class R
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Dreyfus Govt. Cash Mgmt. Fund – Participant Class
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DWS RREEF Real Estate Securities Fund – Class A
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DWS S&P 500 Index Fund – Class A
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DWS Diversified International Equity Fund – Class A
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Vesting?
- Participants are fully – 100% – vested in all contributions made to the Plan.
Distributions?
- Distributions are allowed in the event of the following:
- Termination of employment
- Retirement
- Death
Hardship Withdrawals?
- Yes. See the Plan Description for details.
Rollover Contributions?
- Certain Rollovers and Plan-to-Plan Transfer of Assets are accepted.
- See the Plan Description for additional information.
24-Hour Account Access?
- Yes. Via the Web-site.
- If a participant has questions about their account, Call Center
Representatives are available Monday – Friday, 9 a.m. – 9 p.m. Eastern Time.
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