Employees have the option of participating in one, two or all three of the voluntary retirement programs. You can start, change or stop contributions at any time. You may defer a specific dollar amount or percentage each paycheck.
Annual Contribution Limits
$17,000 - if you're under 50 years of age
$22,500 - if you're 50 years of age and over
up to $34,000 per year for the 3 years prior to full retirement if enrolled in full catch up through the HR Department *Please contact Human Resources for more details
The above limitations are set by the IRS and are subject to change by the IRS.
If you would like to enroll, please contact the deferred compensation representative of your choice to get started.
Loans are not available on the City of Salem plans. You may only have access to these funds for retirement, termination from the City or for an unforeseeable emergency. Unforseeable emergency withdrawals can only be made for extreme hardships. Please see the Deferred Comp Financial Hardship Withdrawal form in the Forms Library webpage for additional information and details.
800-892-5558 x87017, Cell 503-913-4801 Rod.Malone@valic.com
877-677-3678, Cell 503-756-3734 email@example.com