Deferred Compensation Plan 457(b)

Invest

Helping You Plan for Your Financial Future

You can start saving for your financial future from the first day of employment with Prince George’s County through the County’s Deferred Compensation 457(b) Plan. 

In accordance with provisions of Section 457 of the Internal Revenue Service Code, Prince George's County has established a Deferred Compensation Program for employees in a permanent status to save money for retirement while saving money on taxes every payday. 

Employees will pay no state or federal income taxes on the amount deferred or on the earnings in their account during the working years. Taxes are only paid on the amount withdrawn, after retirement or separation from employment with the County. 

Questions about this plan may be directed to at PGCDeferredComp@co.pg.md.us.

For updated information regarding the Transition to Empower, please visit www.empower.com/client/pgcounty/ 

  1. CONTRIBUTION LIMITS
  2. PROGRAM SERVICE PROVIDER
  3. TRANSITION


CALENDAR YEAR 2023 CONTRIBUTION LIMITS 
Normal Contribution $22,500
*Age 50 and Over Catch-up $30,000
**Pre-Retirement Catch-up $45,000

*Employees who are or will be at least 50 years of age, at any time during the calendar year, are eligible to defer up to $30,000 contribution limit.

**Only employees who are within 3 years of their normal retirement age may defer up to the Pre-Retirement Catch-up contribution limit.

CHANGING CONTRIBUTIONS

Contribution amounts may be changed or discontinued anytime by logging into the  Employee Self Service (ESS) portal. 

  1. Click on the index tab and select “Anytime Changes” 
  2. Click “Accept”
  3. Select “Savings Plan”
  4. Click the “Actions” edit pen and change the contribution amount to no less than $10 (If discontinuing, change the contribution amount to $0)
  5. Click “Add” 
  6. When finished making changes, click “Save” at the top of the screen 

(contribution amount will not change unless saved)