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About the plans
We want to help you build a solid financial future.
Your plan is available exclusively to State of Vermont employees. Once you’ve joined the plan, you can easily and conveniently access your account information at any time. Sign up today by registering your account and you’re on your way.
Want to learn more about your plan? The plan highlights provide information about contributions, vesting, distribution options, and plans.
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State and Municipal Employees 457 Deferred Compensation Plans
Plan highlights
Enrollment and eligibility
- You are currently eligible to enroll in your plan. You may enroll at any time.
- Please remember upon enrollment to elect your beneficiary. Electing a beneficiary can be done online or through a participant service representative at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376) 8 a.m. to 9 p.m. ET.
Your contributions
You may contribute:
- 0 to 100% of your annual pay before taxes are deducted.
- You may make Roth contributions to your retirement plan account.
- Federal tax law allows you to make a combined contribution of pre-tax and Roth contributions to your retirement plan up to $22,500; an additional $7,500 ("Age 50+ catch-up") and up to $45,000 in "special three-year catch-up". Please reach out to your Empower Representative for more information.
- You may change your contribution amount any time.
- You may roll over money to your account, in any amount, from another similar retirement plan.
- You are always 100% vested in your own contributions.
Roth contributions
Your retirement plan allows you to make Roth contributions to your account. Roth contributions combine the savings and investment features of a traditional pre-tax retirement program with the tax-free distribution features of the Roth IRA. If you meet certain requirements down the road, the Roth money you withdraw at retirement—and its investment earnings—won't be taxable. When deciding if you should make Roth contributions, consider the following scenarios:
- If your tax rate will be higher in retirement than it is today, making designated Roth contributions may make sense for you.
- If your tax rate will be lower in retirement than your working years, you may benefit more from making pre-tax contributions and deferring your tax obligation until retirement.
- With tax rates in retirement being uncertain, you may choose to diversify your taxation by making both pre-tax and Roth contributions to your retirement plan.
To help you determine if Roth contributions are appropriate for you, visit Roth Contributions Calculator | Power your Retirement opens in new window and enter your personal data into our Roth contribution calculator.
Accessing your money
Limited in-service withdrawals are permitted from rollover contributions. Rollover assets are available at any time.
You can withdraw money from your account in certain emergency situations, as defined by your plan. Please call Empower's Participant Service Center for more details. The taxable portion of a withdrawal is taxed as ordinary income.
Retiring or Leaving the Employer
It's important to learn about all options regarding your account balance before you retire or separate from service. You will need to make a decision about what to do with your vested account balance when one of the following events occurs:
- Your employment with the State of Vermont ends.
- You retire from the State of Vermont and/or sponsoring municipality.
- You become permanently disabled.
- Your death. Your beneficiary is entitled to your account balance when you die; they are responsible for all federal income tax imposed. Distribution upon death may also be subject to federal and state inheritance and estate taxes.
When any of the events listed above occur, you or your beneficiary will have several distribution options. It's important to understand each of the distribution options listed in your plan. For assistance, please contact participant service at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376), 8 a.m. to 9 p.m. ET.
Directly rolling it over
This allows your money to continue growing tax-deferred. You can choose to move or "roll" money over into another qualified retirement plan, a Traditional Individual Retirement Account (IRA) or Roth IRA. Keep in mind, if you have not reached age 59½, and you choose to move your money into a retirement account other than a 457 plan, subsequent withdrawals may be subject to a 10% early withdrawal penalty. This is based on our understanding of the tax law. You may wish to discuss this matter with your tax advisor. Because each situation is unique, neither we nor our representatives can provide tax or legal advice.
Having your account balance paid in installments
You can withdraw your account balance in a series of payments, in an amount over a period of time determined by the employer.
Lump sum
You may choose to take a full or partial lump sum distribution. A 20% federal income tax may be applied. If you have not reached age 59½, you may be subject to a 10% early withdrawal penalty.
Goalmaker
Your retirement plan offers GoalMaker®, an optional easy-to-use asset allocation program available at no additional cost that will help you choose one of twelve model portfolios that matches your investor style and years to retirement.
By enrolling in GoalMaker, you direct Empower to immediately reinvest your future contributions and existing account balance (if applicable) to match this investment allocation. Your entire account will be rebalanced according to this portfolio unless a restriction is in place or a portion of your account is invested in a restricted source that isn't available through GoalMaker. Of course, as your goals and years to retirement change, you can select a new portfolio at any time without charges or penalties. Making an allocation change, however, will cause you to no longer be enrolled in the GoalMaker program.
The GoalMaker portfolio you choose will be automatically rebalanced at a frequency determined by your plan. Automatic rebalancing with GoalMaker ensures your asset allocation stays in line with your original investment objectives. During the rebalancing process, money is moved among investments in your GoalMaker portfolio to maintain the allocation percentages you choose.
Additionally, GoalMaker's optional age adjustment feature automatically adjusts your allocations over time, based on the number of years you have left until retirement. How does it work? If you choose a conservative investor portfolio with 11 to 15 years to retirement, once you reach an age that brings you ten years before your expected retirement age, your account will automatically be updated to the conservative investor portfolio with 6 to 10 years to retirement.
Plan features
Asset allocationGoalMaker—Strategies to support your unique investing style
You can help take the guesswork out of choosing an investment mix. Just answer three questions to find a model portfolio that may work for you.
Keep in mind that application of asset allocation and diversification concepts does not assure a profit or protect against loss in a declining market. You can lose money by investing in securities.
Targeted investingTarget-date funds—Investments that change as you do
A convenient way to diversify your investments, then automatically reallocate as you get closer to your estimated retirement date.
Remember, the target date is the date you expect to start withdrawing your funds. Target-date funds become more conservative over time by lessening equity exposure and increasing exposure to fixed income type investments. The principal value of a target-date fund is not guaranteed at any time, including the target date.
Log in to view your target-date fund optionsopens in new window
Self-Directed Brokerage (SDB)Direct Your Investments—Self-Directed Brokerage
One of the many benefits of the State and Municipal Employees 457 Deferred Compensation Plans is the variety of its investment choices. The Plans offer an additional opportunity called the Self-Directed Brokerage (SDB) account. For additional information on the SDB account please contact Empower at 877-778-2100877-778-2100
Log in to learn more about Self-Directed Brokerage (SDB)
Self-Directed Brokerage products and services are offered through Empower Financial Services, Inc., Member FINRA/SIPC. Self-Directed Brokerage Accounts are carried and maintained by National Financial Services LLC pursuant to a clearing agreement with EFSI.
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State Defined Contribution Plan
Plan highlights
Enrollment and eligibility
- Eligibility to enroll in your plan is based on a decision you make early in your career. You have 60 days from employment to elect to participate in the State of Vermont Defined Contribution plan, if no election is made you will continue to participate in the state sponsored Defined Benefit pension plan.
- Please remember upon enrollment to elect your beneficiary. Electing a beneficiary can be done online or through a participant service representative at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376) 8 a.m. to 9 p.m. ET.
Your contributions
- Upon enrollment in the plan, a mandatory employee and employer contribution will be made.
Federal tax law allows employee and employer contributions up to a combined total of $61,000 or 100% of compensation, whichever is less.
Vesting
You are always 100% vested in your own contributions, but it may take longer to become vested in your employer's contributions. Refer to the vesting schedule for details about your employer contributions.
The vesting schedule below applies to the following source:
- EMPLOYER CONTRIBUTIONS
You will be vested in your employer contributions based on the following vesting schedule:
Vesting schedule. Years of Service Percentage Vested After 1 year and 11 months 100% In-service withdrawals
Footnote. The taxable portion of a withdrawal is taxed as ordinary income and may be subject to an additional early distribution penalty tax if you receive the withdrawal before age 59½. The total amount of the withdrawal may not be more than the amount required to meet your immediate financial need; however, you may have the option to "gross up" the amount you receive to cover taxes. You may want to consult a tax professional before taking a withdrawal from the plan. End footnote.Limited in-service withdrawals are permitted from rollover contributions. Rollover assets are available at any time.
Important note!
Amounts withdrawn before age 59½ may be subject to a 10% federal income tax penalty, applicable taxes, and plan restrictions. Withdrawals are generally taxed at ordinary income tax rates.Retiring or Leaving the Employer
It's important to learn about all options regarding your account balance before you retire or separate from service. You will need to make a decision about what to do with your vested account balance when one of the following events occurs:
- Your employment with the State of Vermont ends.
- You retire from the State of Vermont.
- You become permanently disabled.
- Your death. Your beneficiary is entitled to your account balance when you die; they are responsible for all federal income tax imposed. Distribution upon death may also be subject to federal and state inheritance and estate taxes.
For assistance, please contact participant service at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376)
Distribution Options
You can choose to move or "roll" money over into another qualified retirement plan, a Traditional Individual Retirement Account (IRA) or Roth IRA. This allows your money to continue growing tax-deferred. This is based on our understanding of the tax law. You may wish to discuss this matter with your tax advisor. Because each situation is unique, neither we nor our representatives can provide tax or legal advice.
Having your account balance paid in the form of an annuity
An annuity pays you a regular income, usually monthly. This option spreads the tax burden over a period of years.
Having your account balance paid in installments
You can withdraw your account balance in a series of payments, in an amount over a period of time determined by the employer.
Lump sum
You may choose to take a full or partial lump sum distribution. A 20% federal income tax may be applied.
Goalmaker
Your retirement plan offers GoalMaker®, an optional easy-to-use asset allocation program available at no additional cost that will help you choose one of twelve model portfolios that matches your investor style and years to retirement.
By enrolling in GoalMaker, you direct Empower to immediately reinvest your future contributions and existing account balance (if applicable) to match this investment allocation. Your entire account will be rebalanced according to this portfolio unless a restriction is in place or a portion of your account is invested in a restricted source that isn't available through GoalMaker. Of course, as your goals and years to retirement change, you can select a new portfolio at any time without charges or penalties. Making an allocation change, however, will cause you to no longer be enrolled in the GoalMaker program.
The GoalMaker portfolio you choose will be automatically rebalanced at a frequency determined by your plan. Automatic rebalancing with GoalMaker ensures your asset allocation stays in line with your original investment objectives. During the rebalancing process, money is moved among investments in your GoalMaker portfolio to maintain the allocation percentages you choose.
Additionally, GoalMaker's optional age adjustment feature automatically adjusts your allocations over time, based on the number of years you have left until retirement. How does it work? If you choose a conservative investor portfolio with 11 to 15 years to retirement, once you reach an age that brings you within 10 years before your expected retirement age, your account will automatically be updated to the conservative investor portfolio with 6 to 10 years to retirement.
Plan features
Asset allocationGoalMaker—Strategies to support your unique investing style
You can help take the guesswork out of choosing an investment mix. Just answer three questions to find a model portfolio that may work for you.
Keep in mind that application of asset allocation and diversification concepts does not assure a profit or protect against loss in a declining market. You can lose money by investing in securities.
Targeted investingTarget-date funds—Investments that change as you do
A convenient way to diversify your investments, then automatically reallocate as you get closer to your estimated retirement date.
Remember, the target date is the date you expect to start withdrawing your funds. Target-date funds become more conservative over time by lessening equity exposure and increasing exposure to fixed income type investments. The principal value of a target-date fund is not guaranteed at any time, including the target date.
Log in to view your target-date fund optionsopens in new window
Save paper, save timeE-Delivery—safe, secure, and green
Receive your statements and other account documents electronically, using our safe, secure E-Delivery service. Log in to select this option.
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Municipal Defined Contribution Plan
Plan highlights
Enrollment and eligibility
- Eligibility to enroll in your plan is based on a decision you make early in your career. You have 60 days from employment to elect to participate in the State of Vermont Defined Contribution plan. If no election is made you will continue to participate in the state-sponsored Defined Benefit pension plan.
- Please remember upon enrollment to elect your beneficiary. Electing a beneficiary can be done online or through a participant service representative at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376) 8 a.m. to 9 p.m. ET.
Your contributions
- Upon enrollment in the plan, a mandatory employee and employer contribution will be made.
Federal tax law allows employee and employer contributions up to a combined total of $61,000 or 100% of compensation, whichever is less.
Vesting
You are always 100% vested in your own contributions, but it may take longer to become vested in your employer's contributions. Refer to the vesting schedule for details about your employer contributions.
The vesting schedule below applies to the following source:- EMPLOYER CONTRIBUTIONS
You will be vested in your employer contributions based on the following vesting schedule:
Vesting schedule. Years of Service Percentage Vested After 1 year 100% In-service withdrawals
Footnote. The taxable portion of a withdrawal is taxed as ordinary income and may be subject to an additional early distribution penalty tax if you receive the withdrawal before age 59½. The total amount of the withdrawal may not be more than the amount required to meet your immediate financial need; however, you may have the option to "gross up" the amount you receive to cover taxes. You may want to consult a tax professional before taking a withdrawal from the plan. End footnote.Limited in-service withdrawals are permitted from rollover contributions. Rollover assets are available at any time.
Important note!
Amounts withdrawn before age 59½ may be subject to a 10% federal income tax penalty, applicable taxes, and plan restrictions. Withdrawals are generally taxed at ordinary income tax rates.Retiring or Leaving the Employer
It's important to learn about all options regarding your account balance before you retire or separate from service. You will need to make a decision about what to do with your vested account balance when one of the following events occurs:
- Your employment with the State of Vermont ends.
- You retire from the State of Vermont.
- You become permanently disabled.
- Your death. Your beneficiary is entitled to your account balance when you die; they are responsible for all federal income tax imposed. Distribution upon death may also be subject to federal and state inheritance and estate taxes.
For assistance, please contact participant service at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376)
Distribution Options
You can choose to move or "roll" money over into another qualified retirement plan, a Traditional Individual Retirement Account (IRA) or Roth IRA. This allows your money to continue growing tax-deferred. This is based on our understanding of the tax law. You may wish to discuss this matter with your tax advisor. Because each situation is unique, neither we nor our representatives can provide tax or legal advice.
Having your account balance paid in the form of an annuity
An annuity pays you a regular income, usually monthly. This option spreads the tax burden over a period of years.
Having your account balance paid in installments
You can withdraw your account balance in a series of payments, in an amount over a period of time determined by the employer.
Lump sum
You may choose to take a full or partial lump sum distribution. A 20% federal income tax may be applied.
Goalmaker
Your retirement plan offers GoalMaker®, an optional easy-to-use asset allocation program available at no additional cost that will help you choose one of twelve model portfolios that matches your investor style and years to retirement.
By enrolling in GoalMaker, you direct Empower to immediately reinvest your future contributions and existing account balance (if applicable) to match this investment allocation. Your entire account will be rebalanced according to this portfolio unless a restriction is in place or a portion of your account is invested in a restricted source that isn't available through GoalMaker. Of course, as your goals and years to retirement change, you can select a new portfolio at any time without charges or penalties. Making an allocation change, however, will cause you to no longer be enrolled in the GoalMaker program.
The GoalMaker portfolio you choose will be automatically rebalanced at a frequency determined by your plan. Automatic rebalancing with GoalMaker ensures your asset allocation stays in line with your original investment objectives. During the rebalancing process, money is moved among investments in your GoalMaker portfolio to maintain the allocation percentages you choose.
Additionally, GoalMaker's optional age adjustment feature automatically adjusts your allocations over time, based on the number of years you have left until retirement. How does it work? If you choose a conservative investor portfolio with 11 to 15 years to retirement, once you reach an age that brings you to within 10 years before your expected retirement age, your account will automatically be updated to the conservative investor portfolio with 6 to 10 years to retirement.
Plan features
Asset allocationGoalMaker—Strategies to support your unique investing style
You can help take the guesswork out of choosing an investment mix. Just answer three questions to find a model portfolio that may work for you.
Keep in mind that application of asset allocation and diversification concepts does not assure a profit or protect against loss in a declining market. You can lose money by investing in securities.
Targeted investingTarget-date funds—Investments that change as you do
A convenient way to diversify your investments, then automatically reallocate as you get closer to your estimated retirement date.
Remember, the target date is the date you expect to start withdrawing your funds. Target-date funds become more conservative over time by lessening equity exposure and increasing exposure to fixed income type investments. The principal value of a target-date fund is not guaranteed at any time, including the target date.
Log in to view your target-date fund optionsopens in new window
Save paper, save timeE-Delivery—safe, secure, and green
Receive your statements and other account documents electronically, using our safe, secure, E-Delivery service. Log in to select this option.
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Teachers 403(b) Plan
Plan highlights
Empower is proud to administer all of the State of Vermont's supplemental retirement plans, including the Teachers 403(b) Plan. We look forward to helping you meet your financial wellness goals. Watch this videoopens in new window to learn more about the plan's features.
Enrollment and eligibility
- You are currently eligible to enroll in your program. You may enroll at any time.
- Please remember upon enrollment to elect your beneficiary. Electing a beneficiary can be done online or through a participant service representative at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376) 8 a.m. to 9 p.m. ET.
Your contributions
You may contribute to the plan based on the parameters established by the sponsoring school district or supervisory union.
- 0 to 100% of your annual pay before taxes are deducted.
- You may make Roth contributions to your retirement plan account.
- Federal tax law allows you to make a combined contribution of pre-tax and Roth contributions to your retirement plan up to $22,500.
- You may change your contribution amount any time.
- You may roll over money to your account, in any amount, from another similar retirement program.
Federal tax law allows employee and employer contributions up to a combined total of $66,000 or 100% of compensation, whichever is less.
Roth contributions
If your retirement plan allows, you may be able to make Roth contributions to your account. Roth contributions combine the savings and investment features of a traditional pre-tax retirement program with the tax-free distribution features of the Roth IRA. If you meet certain requirements down the road, the Roth money you withdraw at retirement—and its investment earnings—won't be taxable. When deciding if you should make Roth contributions, consider the following scenarios:
- If your tax rate will be higher in retirement than it is today, making designated Roth contributions may make sense for you.
- If your tax rate will be lower in retirement than your working years, you may benefit more from making pre-tax contributions and deferring your tax obligation until retirement.
- With tax rates in retirement being uncertain, you may choose to diversify your taxation by making both pre-tax and Roth contributions to your retirement program.
To help you determine if Roth contributions are appropriate for you, visit Roth Contributions Calculator | Power your Retirement and enter your personal data into our Roth contribution calculator.
Federal tax law allows employee and employer contributions up to a combined total of $66,000 or 100% of compensation, whichever is less.
- Some sponsoring supervisory unions or school districts may provide employer match and/or non-elective contributions. These contributions are immediately 100% vested.
Loans
You may be able to access money in your retirement program account through a loan, in-service withdrawal or a hardship withdrawal, if these plan parameters were adopted by your sponsoring supervisory union or school district.
Loans Your plan allows you to take: 1 loan at one time Application fee: $50 for each loan Processing fee: No charge Method of repayment: ACH (Automated Clearing House)Footnote. You will provide bank account information to Empower for automatic monthly debits to ensure your loan is paid timely. Current loan repayment structure varies by employer. End footnote. Tax consequences: If loan is not paid in full, tax consequences will apply Prepayment available: Yes General Purpose Loans
Interest rate: Prime rate + 1%Footnote. Interest is paid back to participant's account. Additional information about loan calculations and loan interest rate details can be found in your plan's loan policy. End footnote. Minimum loan: $1,000 Maximum loan: 50% of your vested account balance, up to $50,000 in a 12-month periodFootnote. Interest is paid back to participant's account. Additional information about loan calculations and loan interest rate details can be found in your plan's loan policy. End footnote. Repayment period: 1 to 5 years Primary Residence Loans
Interest rate: Prime rate + 1%Footnote. Interest is paid back to participant's account. Additional information about loan calculations and loan interest rate details can be found in your plan's loan policy. End footnote. Minimum loan: $1,000 Maximum loan: 50% of your vested account balance, up to $50,000 in a 12-month periodFootnote. Interest is paid back to participant's account. Additional information about loan calculations and loan interest rate details can be found in your plan's loan policy. End footnote. Repayment period: 5 to 15 years Any outstanding loan balance not paid back under plan rules after termination of employment becomes taxable in the year of default. Under the Tax Cuts and Jobs Act, for defaults related to termination of employment after 2017, the individual has until the due date of that year’s return (including extensions) to roll over the outstanding loan amount to an IRA or qualified employer plan.
In-service withdrawals
While employed, you may make in-service withdrawals from any type of rollover contributions you made into the plan.
Hardship withdrawals
Footnote. The taxable portion of a withdrawal is taxed as ordinary income and may be subject to an additional early distribution penalty tax if you receive the withdrawal before age 59½. End footnote.While employed, you may take a withdrawal request due to a financial hardship, within plan restrictions, if permitted by the school district/supervisory union of the plan. One of the following requirements must apply to qualify for hardship withdrawal:
- Purchase or construction of a principal residence
- Payment for higher education expenses
- Major medical expenses
- Preventing eviction from, or foreclosure on, a principal residence
- Payment of funeral or burial expenses for your spouse or dependents
- Repair of damage to participant's primary residence that qualifies for casualty deduction
Important note!
Amounts withdrawn before age 59½ may be subject to a 10% federal income tax penalty, applicable taxes, and plan restrictions. Withdrawals are generally taxed at ordinary income tax rates.Retiring or Leaving the Employer
It's important to learn about all options regarding your account balance before you retire or separate from service. You will need to make a decision about what to do with your vested account balance when one of the following events occurs:
- Your employment with the State of Vermont ends.
- You retire from the State of Vermont.
- You become permanently disabled.
- Your death. Your beneficiary is entitled to your account balance when you die; they are responsible for all federal income tax imposed. Distribution upon death may also be subject to federal and state inheritance and estate taxes.
When any of the events listed above occur, you or your beneficiary will have several distribution options. It's important to understand each of the distribution options listed in your plan. For assistance, please contact participant service at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376), 8 a.m. to 9 p.m. ET.
Directly rolling it over
You can choose to move or "roll" money over into another qualified retirement program, a Traditional Individual Retirement Account (IRA), or Roth IRA. This allows your money to continue growing tax-deferred. This is based on our understanding of the tax law. You may wish to discuss this matter with your tax advisor. Because each situation is unique, neither we nor our representatives can provide tax or legal advice.
Having your account balance paid in installments
You can withdraw your account balance in a series of payments, in an amount over a period of time.
Lump sum
You may choose to take a full or partial lump sum distribution. A 20% federal income tax may be applied.
Plan features
Asset allocationGoalMaker—Strategies to support your unique investing style
You can help take the guesswork out of choosing an investment mix. Just answer three questions to find a model portfolio that may work for you.
Keep in mind that application of asset allocation and diversification concepts does not assure a profit or protect against loss in a declining market. You can lose money by investing in securities.
Targeted investingTarget-date funds—Investments that change as you do
A convenient way to diversify your investments, then automatically reallocate as you get closer to your estimated retirement date.
Remember, the target date is the date you expect to start withdrawing your funds. Target-date funds become more conservative over time by lessening equity exposure and increasing exposure to fixed income type investments. The principal value of a target-date fund is not guaranteed at any time, including the target date.
Log in to view your target-date fund optionsopens in new window
Get on Track, and Stay ThereRetirement Income Calculator—See what it takes to get retirement ready
A successful retirement begins with a clear understanding of how to get there. The Retirement Income Calculator shows you if you're on track to meet your retirement goals—and what to do if you're not.
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Single Deposit Investment Account Plan
Plan highlights
Please remember upon enrollment to elect your beneficiary. Electing a beneficiary can be done online or through a participant service representative at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376) 8 a.m. to 9 p.m. ET.
Vesting
You are always 100% vested in your plan.
Retiring or Leaving the Employer
It's important to learn about all options regarding your account balance before you retire or separate from service. You will need to make a decision about what to do with your vested account balance when one of the following events occurs:
- Your employment with State of Vermont ends.
- You retire from State of Vermont.
- You become permanently disabled.
- Your death. Your beneficiary is entitled to your account balance when you die; they are responsible for all federal income tax imposed. Distribution upon death may also be subject to federal and state inheritance and estate taxes.
For assistance, please contact participant service at 877-RET-VERM (877-738-8376)877-RET-VERM (877-738-8376)
Having your account balance paid in the form of an annuity
An annuity pays you a regular income, usually monthly. This option spreads the tax burden over a period of years.
Having your account balance paid in installments
You can withdraw your account balance in a series of payments, in an amount over a period of time.
Lump sum
You may choose to take a full or partial lump sum distribution. A 20% federal income tax may be applied.
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Municipal Retiree Health Savings Plan
Medical benefit claims processing and payments will be handled by ConnectYourCare (CYC),* a third-party claims administrator retained by Empower. Footnote. Connect Your Care (CYC), Empower's third-party claims administrator, is not a Empower Financial company or affiliate. Shares of the registered mutual funds are offered through Hand Benefits & Trust and Hand Securities, Inc., which are wholly owned subsidiaries of Benefit Plans Administratives Services, Inc. with primary locations in Utica, NY and Houston, TX. Neither Empower Financial nor any of its affiliates provide tax or legal advice—for which you should consult your qualified professional. End footnote. For further information on the VMERS CYC RHS Plan, please contact:
ConnectYourCare (844-286-8472) (844-286-8472)
Call for all claim-related issues once you are eligible to receive benefits.VMERS (800-642-3191) (800-642-3191)
Call for information on plan specifics (benefit eligibility, etc.) and to change personal data if you are eligible for benefits.
Withdrawals may be subject to income tax and a 10% early withdrawal penalty if taken before age 59½. Earnings on Roth contributions will be taxed unless withdrawals are a qualified distribution as defined by the IRS.
GoalMaker’s model allocations are based on generally accepted financial theories that take into account the historic returns of different asset classes. But, of course, past performance of any investment does not guarantee future results. Participants should consider their other assets, income, and investments (e.g. equity in a home, Social Security benefits, individual retirement plan investments, etc.) in addition to their interest in the plan, to the extent those items are not taken into account in the model. Participants should also periodically reassess their GoalMaker investments to make sure their model portfolio continues to correspond to their changing attitudes and retirement time horizon.