Enrollment meetings will be held on an ongoing basis. These meetings will provide information about the benefits of participation in the Plan, the features of the Plan, investment options and Voya Financial® services. You will also be able to complete enrollment materials. Your local Voya® financial professional is also available for one-on-one meetings if you have specific questions that you would like answered in a more comfortable setting.
Who Should Join the 457(b) Plan?
The 457(b) Plan is designed to supplement retirement income. It is not an ordinary savings account that allows withdrawals at any time. Once you join the Plan, there are restrictions on when you can withdraw your account balance. Therefore, before deciding whether to join the Plan, you should answer the following questions.
- Do I have adequate savings for emergencies?
- Do I have adequate savings for other financial goals (e.g., purchase of a home, children’s college expenses)?
- Am I current with my bills and credit cards?
- Can I afford to reduce my take home pay?
- Would I like to pay less income tax in the current year?
- Do I want to increase my retirement income?
If you can answer "yes" to all of these questions, you should think about joining the 457(b) Plan. But if your financial situation is such that you should not join at this time, you may always join in the future when your financial situation improves.
Am I Eligible to Participate in the 457(b) Plan?
The 457(b) Plan is a voluntary plan available to all employees of Clackamas County or Clackamas County Housing Authority (Employer) who are regularly scheduled to work at least twenty (20) hours per week, or for at least eighteen and three-quarters (18.75) hours in a Job Share status, for twelve (12) months per year. In addition, eligible individuals include any elected official, and any individual performing services for the Employer as an independent contractor or pursuant to an Employment Agreement, who performs services for the Employer for which compensation is paid. While there are no minimum age or service requirements, there is a minimum contribution amount of $13 per pay period requirement.. Please note that based on the Plan and IRS requirements, the earliest date your agreement to defer can be effective is the first pay date of the month following the month you complete the agreement. You can specify a later date if you choose.
How do I Enroll in the 457(b) Plan?
Before enrolling, be prepared to provide the following:
- The amount or percentage of pay that you wish to contribute to the Plan. The calculators in the Resource Center portion of this website can help you calculate the impact of different contribution levels on your take-home pay.
- The name of each person you wish to designate as your beneficiary. You may submit up to 10 beneficiaries online. If you have more than 10 beneficiaries, we suggest you contact your local Voya financial professional at (503) 937-0363.
If you do not qualify for Auto Enrollment, there are two ways to enroll in the plan:
- Meet with your local Voya financial professional. Review your personal situation and complete the appropriate paperwork to specify your deferral amount, investment elections and designate your beneficiary. Please contact your local Voya financial professional at (503) 937-0363 for additional information or to complete the enrollment process.
- Complete the online enrollment process. Online enrollment is a quick and easy process. To get started, select the “Enroll Now” button at the top of this page. While enrolling online, you will be offered electronic copies of the Participant Information Booklet, investment fact sheets, and other documents we are required by law to provide at enrollment. If you would prefer to review a hard copy of these materials, you can request them by contacting your local Voya financial professional at (503) 937-0363.
You should consider the investment objectives, risks, and charges and expenses of the mutual funds offered through a retirement plan carefully before investing. Fund prospectuses and an information booklet containing more complete information can be obtained by contacting your local representative. Please read the information carefully before investing.
Mutual funds under a 457(b) custodial account or Trust agreement are intended as long-term investments designed for retirement purposes. Money distributed will be taxed as ordinary income in the year the money is distributed. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than the original amount invested. The Voya Stable Value Fund is a group collective trust maintained by a trustee that is unaffiliated with Voya. While the fund strives to maintain stability of principal, it is possible to lose money by investing in this fund. Voya does not make any guarantee of principal, interest, investment return, or withdrawal liquidity in connection with the offering of the Fund. The fund is not insured by the FDIC, any bank or governmental agency. This portfolio is not a registered investment under the 1940 Act and has not been registered with the Securities and Exchange Commission.
Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency
Insurance products issued by Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners, LLC (member SIPC). Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. Insurance obligations are the responsibility of each individual company. All companies are members of the Voya family of companies. Securities may also be through other broker-dealers with which Voya has selling agreements. Product and services may not be available in all states.