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.
Who it's for?
Those municipal employees and educators who wish to save money for a more comfortable retirement.
What's in it for you?
- Deferrals are tax-deferred.
- Money grows tax-deferred.
- North Shore Bank Certificate of Deposits are FDIC insured.
Additional Links
- 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.
- Check out how Southeast Wisconsin companies fare against the market. Follow North Shore Bank Biz Times WI Stock Index. This regionally focused index is based on prices of publicly traded stocks of nationally listed companies headquartered in Southeastern Wisconsin.
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 2009, 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.
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