Is deferred compensation worth it?
A deferred comp plan is most beneficial when you’re able to reduce both your present and future tax rates by deferring your income. Unfortunately, it’s challenging to project future tax rates. This takes analysis, projections, and assumptions.
How does a 457 plan Work?
A 457(b) retirement plan is similar to a 401(k) or 403(b) plan, in that a 457(b) plan is offered through your employer, and your contributions are taken from your paycheck on a pre-tax basis, which ultimately lowers your taxable income.
How much should I put into deferred compensation?
One easy way to increase your retirement savings is to contribute a percentage of your income to your Deferred Compensation Plan (DCP) account. Consider saving between 7% and 10% of your salary.
What is a deferred compensation plan?
Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations. The content on this page focuses only on governmental 457 (b) retirement plans.
What is a 457 (b) deferred compensation plan?
Deferred compensation plans are designed for state and municipal workers, as well as employees of some tax-exempt organizations. The content on this page focuses only on governmental 457 (b) retirement plans. If you participate in a deferred compensation plan, you can contribute a portion of your salary to a retirement account.
Does the city of Baltimore have job specific coverage?
Specific coverage may vary depending on position classification and/or union affiliation. The City of Baltimore is an Equal Opportunity Employer.
What benefits does Baltimore City government offer?
Baltimore City Government offers a comprehensive benefits package for regular employees working at least 20 hours per week (Benefit-eligible). Specific coverage may vary depending on position classification and/or union affiliation.