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?
- Meet with your local Voya financial professional. Review your personal situation and complete the appropriate paperwork to specify your deferral amount, investment selections and designate your beneficiary.
- Complete the online enrollment process. Online enrollment is a quick and easy process. To get started, select the “Enroll Now” button at the top of this page.
- EZ Enrollment. Complete the simplified Portland EZ Enrollment/Participation Agreement. 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.
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.