457 (b) Plan

• Contribution Flexibility: You can choose between deferring your income on a pre-tax basis (457b), after taxes (Roth 457b) (after tax) 457 (b), or both, as long as your total contributions don’t exceed $23,000 for 2024 (or $30,000 for 2024 if you are over the age of 50). There are no income restrictions for contributing to a Roth. Roth contributions are done on an after-tax basis, so you won’t pay taxes on your principal or any gains.

• Investment Flexibility: Santa Clara VTA offers a wide arrangement of funds for you to choose from, including target date funds that are pre-balanced based on your projected retirement year, low-cost index funds, and actively managed funds.

• Loans: If you need to borrow money, for any reason, you can take a loan from your vested balance. You can borrow 50% up to $50,000 (whichever is less) and you pay yourself back the interest. Active employees must have a minimum balance of $2,000 to qualify. See the summary plan description for additional details or login to empowermyretirement.com to sign up for the plan today.