457 (b) Plan
The Santa Clara VTA retirement savings plan lets you save for the future while taking advantage of company matching contributions. Our plan is offered through Empower. Plan highlights include:
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 $23,500 for 2025 (or $31,000 for 2025 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. There is also a catch-up of $11,250 for ages 60-63.
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.