Enroll
It’s easy to participate in the City of Chicago 457(b) Deferred Compensation Plan. You can get started right away.
Not ready to sign up yet? Get more info about the City of Chicago deferred comp plan and what your options are first.
- Why Enroll Now?
- Making Investment Decisions
- Enrollment Checklist
- How Does it Work?
- Setup Online Access
If you're not already investing for retirement, it's time to get started. Your pension and Social Security benefits (if applicable), may not provide enough retirement income for you to live the way you want to in retirement.
With your deferred comp plan, you decide when, where and how much to invest. And that’s just the beginning — here are four more reasons why it’s smart to participate in the Plan:
- You can start anytime — Your deferred comp plan can work for you whether you're approaching retirement or just getting started saving. This is because time and compounding work together to build momentum for your money. The sooner you start, the more you could have at retirement.
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Something is better than nothing — Even a little bit of savings can really add up over time. And if you continue to bump up contributions on a regular basis, the overall impact to your paycheck may not seem too painful. Consider putting raises or bonuses into your Plan — it's an easy way to save a little more.
- Use the Future Value Calculator to see how much retirement savings you could have at retirement
- This plan is made for you — Unlike other retirement plans, the City of Chicago deferred compensation plan takes into account that you may retire sooner than workers in the private sector. So you don’t have to worry about paying a penalty for retiring or beginning to take income from the plan before age 59½.
- On Your Side ® service — Nationwide® has non-commissioned, locally-based retirement specialists ready and willing to answer your questions. We’ve been helping public sector employees save for retirement for more than 30 years and our specialists really know their stuff — and it won’t cost you any extra. Information provided by Retirement Specialists is for educational purposes only and not intended as investment or legal advice.
Read more about why Nationwide is right for you.
Get the help you need
The sooner you enroll, the more you can save. Take a look at the Enrollment Checklist for tips on what you'll need to have handy and enroll today.
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The City of Chicago has selected a wide range of investment options to meet your retirement planning needs.
Keep in mind that investing involves market risk, including possible loss of principal. As you get started in the plan, we’ll help you understand market risk and strategies that may help you deal with it. If you get stuck when choosing which funds are right for you, we offer different levels of assistance so you can get the help you need.
If you get stuck when choosing which funds are right for you, we’re here to help. We offer different levels of assistance so you can get the help you need.
Let us help you do it
If you want some help along the way, consider our asset allocation funds. They’re targeted towards certain risk profiles, so you’ll determine your risk tolerance and choose the corresponding fund.
Do it by yourself
If you want to do it on your own, go for it. You can use the Ibbotson Asset Allocation Tool to determine your investor profile and find an asset allocation that’s right for you. Then check out the funds offered through the City of Chicago Plan and their current performance to help you decide. Just remember we’re always here if you have questions.
Get the help you need
Talk to a Retirement Specialist about your investment options.
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It only takes a few minutes to sign up. Here are some things you'll need:
- Your employer’s name or employer’s ID (City of Chicago ID #0035044001)
- Your Social Security number
- Your annual income
- Contribution amount
- Use the Interactive Retirement PlannerSM to help choose an amount
- Learn how your take-home pay will be affected with the Paycheck Impact Calculator
- Investment selections
- Read about your investment options.
- Beneficiary names and Social Security numbers
Get the help you need
We can walk you through the enrollment process. If you need help, call one of our Retirement Specialists.
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The City of Chicago deferred comp plan is a 457 retirement plan created to allow city employees like you to put aside money from each paycheck toward retirement. The Plan can help bridge the gap between what you have in your pension and Social Security (if applicable), and how much you’ll need in retirement.
Here are some answers to questions you may have about deferred comp plans:
- What sets a 457b apart from other retirement plans? A 457b may offer benefits other retirement plans can’t, like penalty-free withdrawals once you stop working for the City of Chicago.
- What does tax-deferred mean? Basically, you don’t pay income taxes on your deferred comp contributions or earnings until you retire and/or begin to take payments from your account. This can lower your taxable income. Keep in mind, you may not withdraw money from your account while you are employed unless you have an approved unforeseeable emergency or qualify for an in-service distribution.
- Can I afford to save for retirement? You can't afford not to – and since your contributions aren't taxed, contributing to the Plan could have less of an impact to your take-home pay than you expect. Use the Paycheck Impact Calculator to see how saving will affect your paycheck.
- How much should I put in my account? If you're unsure, you can use our tools and Learning Center to help decide how much to contribute, what funds to choose and how to use your money when you retire. To see the big picture of how much income is needed in retirement, use the Interactive Retirement PlannerSM.
Keep in mind that investing involves market risk including possible loss of principle. As you get started in the Plan, we’ll help you understand market risk and strategies that may help you deal with it.
Get the help you need
The sooner you enroll, the more you can potentially save. Take a look at the Enrollment Checklist for tips on information that you'll need to have handy for enrollment and enroll today!
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Once you enroll in the City of Chicago Deferred Compensation Plan, you’ll want to set up online access so you can view account details 24/7. We offer convenient, secure account access with encryption and firewall protection.
Here are some things you can do once you have online access to your account:
Manage your account
- Check your account balance
- Update your personal information
- Get current and past statements
Manage your money
- Verify your contribution dates and amounts
- Change how much you contribute and how your money is invested
- Review available investment options, see fund performance and research funds
- Sign up to have your account automatically rebalanced every quarter (Automatic Asset Rebalancing or AAR)
Get the help you need
If you need help setting up online access, we can walk you through it. Talk to one of our Retirement Specialists today.
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