What is the 457 Plan?
The 457, or deferred compensation plan, is the City’s voluntary retirement savings plan (similar to a 401K plan in the private sector).

How does the program work?

Via payroll deduction, employees are able to contribute up to 100% of their total pre-tax pay (not to exceed the annual contribution limits) and choose their investments to build funding for retirement. Employees save in three ways:

• they do not pay taxes on this money upon deduction
• their paycheck is taxed only on theà amount after this deduction
• they are then taxed on the funds when they retire and are more likely to be in a lower tax bracket.

 Annual Contribution Limits:

• Under 50: $15,500
• 50+ catch-up: $20,500
• Pre-retirement Catch-up: $31,000

Alternate City contact person:
Career Service Authority – Benefits Department
201 West Colfax• Department 412• Denver, CO 80202

Phone 720-913-5697 • FAX 720-913-5548

Who does the City utilize to handle the employee’s investments?

The City utilized two deferred compensation companies, each of whom has multiple mutual funds from which to choose:

Hartford Life Insurance

(serviced by Cooney Associates in the Denver area)

1922 East 18th Avenue • Denver, CO 80206
Local Phone: (303) 388-0854 • Toll Free: (800) 528-9009 • FAX (303) 388-5573
www.retire.hartfordlife.com
Hartford Election Form Hartford Participation Agreement

ICMA Retirement Corporation
Toll Free: (800) 669-7400 • FAX 303-471-0902
1120 Lincoln Street, Suite 709 • Denver, CO 80203
www.icmarc.org
ICMA Election Form 

How much money may an employee contribute each year?

Via payroll deduction, employees are able to contribute up to 100% of their total pre-tax pay (not to exceed the annual contribution limits) and choose their investments to build funding for retirement.

How does an employee join the deferred compensation program?

An employee joins the deferred compensation program by completing the enrollment paperwork, selecting an amount to contribute, selecting a deferred company and selecting their investments.

How are the enrollment and payroll deduction forms processed?

All form go to the Career Service Authority Benefits Department., 201 W. Colfax, Dept 412.

 How often may an employee change their payroll deduction amount?

An employee may change their deduction each pay period. They must complete the deduction form.

How often may an employee change their investment elections?

An employee may change their investment elections as often as they want by either filling out the required form, or by contacting the deferred compensation company via phone or internet:

Hartford Life Insurance

(serviced by Cooney Associates in the Denver area)

Local Phone: (303) 388-0854 • Toll Free: (800) 528-9009
www.retire.hartfordlife.com

How often may an employee switch deferred compensation companies?

An employee may only switch once each year during the annual benefit open enrollment period, with the change effective January 1. They must complete the “changing companies” paperwork.