The City offers 457 and Roth IRA plans that can provide additional savings for retirement.
- 457 option: Funds are deducted pre-tax and/or post-tax.
- 2024 IRS contribution limit is $23,000 (Ages 50+ can contribute an additional $7,500)
- Roth IRA option: Funds are deducted post-tax.
- 2024 IRS contribution limit is $7,000 (Ages 50+ can contribute an additional $1,000)
With both the 457 and Roth IRA options, your contributions will be invested in the funds that you select, and the value of your account will fluctuate based on fund performance.
You may set up, stop or make changes to your contribution amount at any time, not only during Open Enrollment. Contact EmployeeBenefits@cctexas.com for the required forms.
You can make withdrawals from your account when you leave employment, as well as during employment, subject to the City’s rules and IRS rules. Loan options may also be available.
Investment Policy Statement:
Participants, those interested in participating, or anyone wanting to learn more about the benefits of the 457 and Roth IRA as a retirement savings vehicle can access such information from Mission Square Retirement (missionsq.org).
Want to enroll or need more information?
Contact our Mission Square Representative, Sandra Aguilar, at 202-246-4757 or saguilar@missionsq.org.