457 Retirement Plan Overview

Plan administrators:

The information to follow provides details on our current 457 plan offerings with Voya and Mission Square.  Information regarding the upcoming transition from these plans to Nationwide is located at the bottom of this page.  This page will be updated throughout our upcoming transition process and open enrollment period. Please check back regularly.

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salary deferral contributions, depositing pre-tax money that is allowed to compound without being taxed until it is withdrawn.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.

Employees who will be reaching age 50 or older in a plan year will be able to contribute $31,000 in 2025.

How do I enroll?

Newton’s 457 administrators are Voya Financial and Mission Square (new name for ICMA –RC). All employees are eligible to enroll as of their first paycheck.

To enroll into the City of Newton’s 457b plan with Mission Square (new name for ICMA-RC):

• For new enrollments. please go to icmarc.org/selfenroll
• If you prefer a paper enrollment form, contact your employer or your Mission Square representative
• Mission Square 457 enrollment and deferral amount change form 2025
• Depending on your plan rules, you may also be able to change your contribution amounts online.
• Check out Steps to save more for your retirement.
• Check out Get to Know Your 457 Deferred Compensation Plan 
• Register here for one or more of the Upcoming Financial Planning Webinars:

Mission Square Representative: Mike Savage, 888-803-2721, msavage@icmarc.org  

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To enroll into the City of Newton’s 457b plan with Voya:

• Please go to enroll.voya.com
• Enter Plan Number: VF3012
• Enter Verification Code: 061516
• To set up your online 457b Account with Voya (once you have enrolled into the plan), please go to www.voyaretirementplans.com
• Open this flyer for an overview of the site
• Open this flyer to see how to change your contribution rate online
• Open this flyer to learn how to access your account
• Click here for Voya Insights
• Check out the Live and On-Demand Webinars at www.VoyaLearn.com

 

Voya Representative:  Matthew O’Brien, 617-910-6446, matthew.obrien@voyafa.com

 City of Newton's OBRA plan with Voya:

• Plan Number: VK4314
• To review the Fixed Annuity Disclosure Booklet please click here: OBRA

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.

For now, no action is needed, even if you are a current plan holder. This memorandum serves as notice of the upcoming transition to Nationwide and additional information will be made available soon – to both current plan holders and those eligible employees currently not participating in a plan.

Additional background information is available here: Transition to Nationwide .