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Thursday, April 17, 2014

Think About Tomorrow Today

From flexibility to variety and simplicity, there's a long list of great reasons to participate in the MERS 457 Supplemental Retirement Program.

The MERS 457 Program is a supplemental retirement program especially for employees of counties, cities, townships, and other municipalities — people just like you — and a great way to help you prepare for life after the workplace.

Experts estimate that you’ll need as much as 90% of your working income to continue your standard of living in retirement. MERS 457 is a way to prepare for your future conveniently through payroll deductions, pre-tax or with the Roth option (after-tax).

How It Works

The MERS 457 Program is an employer-sponsored deferred compensation program, meaning with the pre-tax option, taxes on the contributions are deferred until they are withdrawn.

MERS 457 Program offers you a self-directed account in which you choose a portion of your salary to be contributed. You decide the level of contributions and how to invest the assets. There is also an available Roth contribution option employers can adopt for employees, which helps you save with post-tax dollars. 

Your MERS 457 Program benefit is made up of any contributions from you and your employer, and investment interest earned. When you enroll in the program, you select from the streamlined MERS Investment Menu. For more information, please read Understanding the MERS Investment Menu.

Contributions are deposited into your individual account, and invested under your direction. At retirement, your benefits are based on the total amount of money in your account. This amount is determined by:

  • your contributions
  • any employer contributions
  • market performance, minus fees

You must be vested at termination to withdraw your employer’s contributions.

After leaving employment, your benefit is based on the total amount of money in your account. You can also claim any available Roth savings at retirement age.

MERS 457 Features

Find Forms

Want to change your investments, or your named beneficiary? Click here to find your form.

Start Planning

Do you know how much you'll need in retirement? Click here to estimate your future costs.

Leaving Your Employer?

Find out when you'll be able to access your account.  Here's how to start.

Investment Menu

Click here to see the streamlined MERS 457 Investment Menu.

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Disclaimer
The information contained in this Web site is being made available as a public service. The information is not intended to constitute legal or investment advice, or to replace official versions of that information. Benefit Estimates or Service Credit Purchase estimates requested through this Web site are not official descriptions of any benefits, and do not represent a promise by MERS to provide any benefit(s) to any person(s). No one can detrimentally rely upon the information provided in, or requested through this Web site. MERS reserves the right to correct any errors, and presents this information without warranties, express or implied, regarding the information?s accuracy, timeliness or completeness. If you believe the information is inaccurate, out-of-date, or incomplete, or if you have problems accessing or reading the information, please call MERS at 800.767.MERS (6377).