Section 457 Plans
A retirement plan especially for municipal employees.
A Section 457 Plan is a smart option for municipal employees or educators to save for retirement, because the money they set aside can grow tax-deferred, meaning no tax is due until the money is distributed. The amount deferred can often be in addition to a contribution to a Traditional IRA.
- Smart way to invest for retirement.
- Earnings grow tax-deferred.
- Reduce your taxable income.
Who it's for?
Those municipal employees and educators who wish to save money for a more comfortable retirement.
- Enroll in North Shore Bank's Deferred Compensation program.
- Current participants; change the dollar amount you are saving per pay period.
What's in it for you?
- Deferrals are tax-deferred.
- Money grows tax-deferred.
- Plans can be funded by both FDIC-insured North Shore Bank Certificates of Deposit as well as investments provided through
Diversified Funds and Nicholas Funds1.
- The product is not a deposit or other obligation of the Bank and is not guaranteed by the Bank.
- The product is not insured by FDIC or any agency of the United States or the bank.
- There is investment risk associated with the product, including the possible loss of value.
- At North Shore Bank, our personal service and experience set us apart from other Section 457 Plan providers. In fact, we have been assisting customers manage Section 457 Plans for over 29 years. What's more, our Section 457 Plan Specialists are available to meet with you in a location and at a time most convenient and comfortable for you---even in your home.
- View your Diversified Fund investments.
- View your Nicholas Fund investments.
What else you should know.
- Find out if your employer has named North Shore Bank as its Section 457 Plan provider. If not, please contact our office and we can make it happen for you.
- For calendar year 2011, you can contribute any amount up to $16,500 per year. Participants over the age of 50 may also set aside an additional $5,500 per year.
- Also, a special "catch-up" provision permits participants within three years of retirement to shelter twice the normal permitted maximum amount.
- You may take distributions upon your retirement and elect to receive your funds as monthly, quarterly or annual payments; you may also elect to receive a lump sum distribution.
- Your North Shore Bank 457(b) Plan can be funded by both FDIC Insured North Shore Bank certificates of deposit and/or non-Bank investments provided through Diversified Funds and Nicholas Funds.
- Investments held in North Shore Bank CDs are FDIC insured. However, investments other than North Shore Bank CDs are NOT a deposit or other obligation of the bank or its affiliates; NOT insured by the FDIC or any other agency of the United States; are subject to investment risk, including possible loss of value.