Deferred Compensation Contributions

Change Contribution Effective Date

To change your contribution amount, you must have a Great-West website Login set up.

All changes to Deferred Compensation deduction amounts are effective the first payroll of the following month.  For example: any changes submitted to Great-West in the month of December will be effective the first payroll in January. 

Please contact Payroll with any questions:
Payroll@mesaaz.gov or 480-644-1122 option 2.

 

Limits

The annual contribution limits for the City of Mesa's Deferred Compensation Plan are set by the Internal Revenue Service. When contributing the maximum amount to deferred compensation, a change form must be completed each year indicating the amount of your biweekly contribution.

To calculate the biweekly deduction, take the annual limit less the estimated annual City employer contribution. Divide that total by the number of payrolls in the calendar year.

Please contact Payroll if you need assistance in the calculation of this figure.  Payroll@mesaaz.gov or 480-644-1122 option 2.

Please note:  Percentage elections are not suggested when maximizing your deferred compensation.

457 Deferred Compensation Plan Annual Contribution Limits

Year General Limit Catch-up Limit Age 50 Catch-up
2014 $17,500 $35,000 $23,000
2015 $18,000 $36,000 $24,000

 

  • Employees cannot participate in both the Catch-Up and the Age 50 Catch-Up provisions at the same time.  

  • Annual limits cannot exceed a combination of employee 457 and Roth contributions and any employer contributions.  

  • Full-time employment, 1 (one) year of service, and a minimum of $10 contribution to the 457 plan meets employer contribution criteria.

Change Beneficiary

 Please contact Great-West Financial to change a beneficiary. The effective date for deferred compensation changes is the first payroll of the following month. 

Important: If you have not enrolled with a deferred compensation provider, there are forms which must be completed; see Provider List.

 

Stop Contributions

To Stop Contributions to the City of Mesa's 457 Deferred Compensation Plan, please contact Great-West Financial


Important: If you stop your contributions to deferred compensation, you will not receive the City benefit contribution of one-half percent (.5%) of your base pay. To receive this benefit, you must contribute a minimum of $10 per pay period. Please contact Great-West Financial if you wish to reduce your contributions.