Voluntary Employee Deferrals
An employee may defer up to the following annual maximums:
Year | Annual Maximum |
---|---|
2014 2013 |
$17,500 Regular Limit $17,500 Regular Limit |
Participants who are at least age 50 can contribute an additional amount over the regular annual limit as follows:
Year | Maximum Additional Amount |
---|---|
2014 | $5,500 |
2013 | $5,500 |
2015 and beyond - Cost of living increases may occur. |
For additional information on the 457 catch-up provision or the increased contribution limits, click here.
Investment Options
Deferrals are invested at the employee's direction among the various investment options. Participants may change their investment options at any time.
Visit ING North America Insurance Corporation for information on available investment options.
Quarterly Statements
Each calendar quarter, participants will receive a statement showing the deferrals made during the quarter, any interest and investment gains or losses, and the current account balance.
Quarterly statements will be mailed within 20 calendar days after the end of each calendar quarter.
Payment Options
The employee or his/her beneficiary may choose from the following payment options, which are subject to a 20 percent tax withholding:
- Lump sum cash payment,
- Lump sum rollover payment not reinvested within 60 days, or
- Installment payments with less than a 10-year payout
The employee or his/her beneficiary can also choose to receive a payment under the following circumstances. The participant can direct that such payments be subject to a 10 percent tax withholding.
- Unforeseen emergencies,
- Installment payouts with greater than a 10-year life,
- Annuities,
- Minimum distribution requirements (MDR), or
- Non-spousal death benefits
Direct rollovers are not subject to tax withholding
Minimum Distribution Requirement (MDR)
IRS regulations require that participants must begin receiving payments from their retirement account by April 1 of the calendar year following the later of:
- the calendar year the employee attains age 70½, or
- the calendar year the employee retires
Contact Listing
DC Office of Finance and Treasury
1101 4th Street, SW, Suite W850
Washington, DC 20024
(202) 727-6055
Brenda Mathis, Program Director
DC Department of Human Resources
Office of Employee Benefits
441 4th Street, NW, Suite 340-N
Washington, DC 20001
Terri Peterson (202) 442-9611
ING Customer Service
1-800-584-6001
ING Local Office
441 4th Street, NW, Suite 340-N
Washington, DC 20001
(202) 442-9749/9695
ING Fairfax Office
2 Hyatt Plaza
12703 Fair Lakes Circle, Suite 470
Fairfax, VA 22033
(703) 449-2937
Loan Feature
Effective October 1, 2011, a loan feature was added to the Plan. Participants can now request a loan from their account online via the website or by calling the plan information line. Participants can get either a personal loan or a residential loan up to $50,000 or 50 percnet of their account balance, whichever is the lesser amount.