City of Newton, MA
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Plan administrator: Nationwide
Beginning in February 2026 we are partnering with Nationwide.
Watch a presention explaining the benefits of our new 457 and OBRA retirement plans record keeper Nationwide here: Welcome to Nationwide
What is a 457 Plan?
457 plans are non-qualified, tax-advantaged, deferred compensation retirement plans offered by state, local government and some nonprofit employers. Eligible participants are able to make salary deferral contributions, depositing pre-tax money that is allowed to compound without being taxed until it is withdrawn.
Contribution Limits:
Employees under age 50 will be able to contribute the IRS annual limit of $23,500 in 2025 and up to $24,500 in 2026 .
Employees who will be reaching age 50 or older in a plan year will be able to contribute $31,000 in 2025 and up to $32, 500 in 2026.
Transition to Nationwide
We are dedicated to supporting the financial stability and retirement security of our workforce. Our responsibility in administering employee benefits is to act carefully and in the best interests of our City and our staff. We understand how crucial these benefits are to your personal financial wellness, and we take our responsibility to you seriously.
Over the past months, we have worked closely with both union leadership and retiree representatives to conduct a thorough review of our §457(b) and OBRA Deferred Compensation Plan options. Union leadership, retiree representatives and the city team did this work with the guidance of financial experts. Together we conducted a comprehensive evaluation to select a provider capable of delivering a best-in-class suite of retirement savings and financial wellness benefits for employees and retirees using these plans to save for retirement.
Looking for information? Check out answers to frequently asked questions here: FAQ
Don't have a 457 account but want to start? Enroll in a Nationwide 457 plan at newtonma457.com.
Questions? Call 1-877-677-3678 (8 am - 11 pm ET weekdays and 9 am - 6 pm ET Saturdays)
City of Newton's Retirement Specialist is Eli Gonzalez, CRES, Phone 508-250-9796, Email: GonzE21@Nationwide.com, Schedule an Appointment
Former Empower account holders, please review this brochure.
Former Mission Square account holders, please review this brochure. Please note:
If you have a MissionSquare Roth IRA your balance in this account will not automatically transfer to Nationwide because it is an individual account and not part of an employer-sponsored retirement plan. Payroll contributions to the MissionSquare Roth IRA will be stopped with the transition however you may continue to make contributions to your Roth IRA with MissionSquare directly. For additional information, please contact MissionSquare at 1-800-669-7400.
If you have assets in the MissionSquare PLUS fund I those funds will remain with MissionSquare until 9/18/2026. You’ll continue to receive statements from MissionSquare showing these assets, and they are available for qualified distributions. They will transfer to Nationwide automatically on or around 9/22/2026 and be invested as indicated on the enclosed insert. No action is needed from you.
Former Voya account holders, please review this brochure.
If you have assets in the Voya Fixed Account A: The assets invested in this fund will not transfer to Nationwide with your other assets. These assets will transfer to Nationwide in annual payments over 5 years on the February 3 anniversary. You can still view your balance in this fund with Voya.
The following documents will provide you with information on the Investment Lineup and how your funds have been mapped from your current 457 plan account and invested into your Nationwide 457 plan account:
Mission Square Representative:
Mike Savage, 888-803-2721, msavage@icmarc.org
Voya Representative:
Matthew O’Brien, 617-910-6446, matthew.obrien@voyafa.com