Deferred Compensation
Deferred Compensation
Cook County offers a Section 457 deferred compensation plan as a tax-deferred method for you to save for retirement. Employees enrolled in the plan make voluntary contributions each pay period and invest in an array of investment options to help prepare for their income needs in retirement. This account is a voluntary contribution that can help to bridge the gap between your defined benefit plan (pension) and how much you will need while in retirement.
A Roth contribution option is available in your Cook County Deferred Compensation Plan
The Cook County Deferred Compensation Plan has added another way to contribute to your account. As of January 1, 2024, Roth contributions are now offered by your plan. With Roth contributions, income taxes are deducted from your contribution before it’s invested in your account. This differs from tax-deferred contributions, which are invested before taxes are deducted from your account.
You may want to consider making Roth 457 contributions if you:
- Expect your income taxes or tax rates to be higher in retirement
- Are younger, with years until your retirement
- Want to save many thousands more annually than a stand-alone Roth IRA allows
- Are looking for a way to leave tax-free assets to heirs
Learn more about the potential benefits of after-tax contributions and whether they’re a good fit for your retirement account.
Did you miss the 2023 Virtual Pre-Retirement Seminar?
Nationwide Retirement Solutions
1-855-457-2665
Start saving or increase your contribution today at CookCountyDC.com.
Register to attend the monthly webinar series to learn more about your plan.
Schedule an in person or virtual appointment with a Retirement Specialist.
2024
- Regular Limit: $23,000
- Age 50+ Catch-up: $30,500
- Special 457 Catch-up: $46,000
2023
- Regular Limit: $22,500
- Age 50+ Catch-up: $30,000
- Special 457 Catch-up: $45,000
Enrollment
Join us for a session on the benefits of enrolling and participating in the Cook County Deferred Compensation Plan. Learn about tax deferred savings, investment options available and an overview of our easy and secure online enrollment process. All are welcome to participate.
Every First Wednesday of the month | 12:00 PM & 6:00 PM CST | Register now
Asset Allocation
Join us for a session to discuss your options for balancing risk and reward within your investment strategy. We'll talk about how individual goals, risk tolerance and time horizon for investing can be considered, and why they're each important. All are welcome to participate.
Every Second Wednesday of the month | 12:00 PM & 6:00 PM CST | Register now
Approaching Retirement
Join us for a session about important considerations as you get closer to retirement. We will discuss longevity, income sources, asset consolidation, and required minimum distributions. All are welcome to attend.
Every Third Wednesday of the month | 12:00 PM & 6:00 PM CST | Register now
Investment Strategies
Join us for a session about different approaches available to you within your deferred compensation plan. We'll discuss how to devise risk management strategies in sync with your unique human nature and the impact time, compounding, and dollar-cost averaging can have on your account. All are welcome to attend.
Every Fourth Wednesday of the month | 12:00 PM & 6:00 PM CST | Register now
Article IX Deferred Compensation Committee
Section 9.01. Membership of Committee. A committee of at least nine (9) members shall be known as the “Deferred Compensation Committee” (hereafter the “Committee). The following individuals shall serve on the Committee: Chief Administrative Officer, County Comptroller, Comptroller of the Forest Preserve District, a representative appointed by the Chief Executive Officer of the County Health and Hospital System, and a Representative appointed by the County Treasurer. The remaining members shall be appointed by the President of the Count Board of Commissioners. The Committee shall appoint, select, or elect a Chairperson, a Vice Chairperson, and a Secretary, under such policies and procedures as are adopted by the Committee. All members of the Committee shall serve without compensation.