Enrollment meetings will be held throughout the City on an ongoing basis. These meetings will provide information about the benefits of participation in the Plan, the features of the Plan, investment options and Voya services. You will also be able to complete enrollment materials. Local representatives are also available for one-on-one meetings if you have specific questions that you would like answered in a more comfortable setting.
Who Should Join the 457 Plan?
The 457 Plan is designed to supplement retirement income. It is not an ordinary savings account that allows withdrawals at any time. Once you join the Plan, there are restrictions on when you can withdraw your account balance. Therefore, before deciding whether to join the Plan, you should answer the following questions.
- Do I have adequate savings for emergencies?
- Do I have adequate savings for other financial goals (e.g., purchase of a home, children’s college expenses)?
- Am I current with my bills and credit cards?
- Can I afford to reduce my take home pay?
- Would I like to pay less income tax in the current year?
- Do I want to increase my retirement income?
If you can answer “yes” to all of these questions, you should think about joining the 457 Plan. However, if your financial situation is such that you should not join at this time, you may always join in the future when your financial situation improves.
Am I eligible to participate in the 457 Plan? The 457 Plan is a voluntary plan available to all full-time and part-time employees who are eligible for benefits offered by the City, and elected officials of the City. Independent contractors and leased employees are not eligible.
Any eligible employee may elect to participate in the 457 Plan by completing a Participation Agreement and electing to defer an amount or percentage of future compensation. Employees are eligible to enroll on the first day of the month following the month in which they complete 30 days in a paid status. You must elect to defer a minimum amount of $10 per pay day.
Please note that based on the terms of the 457 Plan, compensation will be deferred for any calendar month only if a Participation Agreement providing for such deferral has been entered into by the 15th of the preceding month.
How do I Enroll in the 457 Plan?
You enroll by meeting with a local representative, and completing four forms:
- an Enrollment Participation Agreement Form that specifies the amount that you want to defer to the Plan each pay period;
- a Beneficiary/Trust Designation Form on which you designate the beneficiary(ies) who is to receive benefit payments upon your death;
- a Plan Acknowledgment Form; and
- EZ Enrollment Form. You’ll provide some basic information about yourself, choose your deferral amount, and designate your Plan beneficiary. Your contributions will automatically be invested in one of the Plan’s Target Date Funds, (based on your date of birth), as designated by the City. To request a City of Portland EZ Enrollment kit or change your investments once you are enrolled, contact Voya’s local Portland office for assistance at (503) 937-0378 or toll-free at (800) 238-6281. You can also change your investments by logging into your account on this website.
The completed forms must be returned to Voya’s Portland Office. You can choose to complete these forms on your own or meet with a local representative who can assist you in the enrollment process. The completed forms will be processed by the Portland Office and sent to the City.
You may enroll through the City’s Employee Self Service (ESS) tool which is located on the City’s website at portlandoregon.gov/myinfo. From a City Computer, you can log into SAP and select the “Deferred Compensation” tab. Employees are able to both enroll in the Plan and change their contribution amounts. A step-by-step SAP instruction sheet as well as a short instructional video are available from the City to assist you with using this new tool.
Any securities or insurance products offered to you by Voya are: 1) Not a Deposit; 2) Not FDIC/NCUSIF insured; 3) Not insured by any federal government agency; 4) Not guaranteed by the bank/credit union; and 5) May involve investment risk and may go down in value.
Please contact our local office in Portland at (503) 937-0378 or toll-free at (800) 238-6281 for additional information or to complete the enrollment process.
Once enrolled, you can choose from a menu of investment options that cover the risk/reward spectrum allowing you to select from conservative choices, moderate growth and income funds, or aggressive growth opportunities in both U.S. and international markets. International investing involves special risks such as currency fluctuation, lower liquidity, political and economic uncertainties, and differences in accounting standards.
For each investment option in Investment Options, click on the fund name to open a fund fact sheet that provides important information about the investment option, including fund expenses. Each investment option has a numeric fund code you will need when making investment changes on-line or via telephone.
While reviewing the fund fact sheets below, please also review the Disclosure Glossary document that provides information on types of investment risks, investment types and a glossary of terms and statistics. The document also provides instructions about how to obtain any underlying fund prospectus.
Not FDIC/NCUA/NCUSIF Insured | Not a Deposit of a Bank/Credit Union | May Lose Value | Not Bank/Credit Union Guaranteed | Not Insured by Any Federal Government Agency
Insurance products issued by Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners, LLC (member SIPC). Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. Insurance obligations are the responsibility of each individual company. All companies are members of the Voya® family of companies. Securities may also be through other broker-dealers with which Voya has selling agreements. Product and services may not be available in all states.