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457(b) Deferred Compensation Plan

457(b) Deferred Compensation Plan

The State of New Mexico 457(b) Deferred Compensation Plan (Plan) is a voluntary, pre-tax and tax deferred retirement plan to supplement your New Mexico Educational Board (NMERB) retirement benefits.  The Plan is an affordable and convenient way to invest for your retirement.  Contributions are payroll deducted and invested within 48 hours in the investment option(s) you select.  You may enroll, change your deferral amount, or change your investment options at any time during the year, and your contributions will start (or the new amount will be effective) on the first paycheck of the month following the date APS receives notification of your enrollment or of your contribution amount change.  You may also roll-over an eligible 403(b) or IRA into your 457 Deferred Compensation account.

Active APS employees are eligible to make voluntary retirement plan contributions to the 457(b) Plan through payroll deduction.  The minimum contribution to the Plan is $240 per year or $10 per pay period.  All employees, whether full-time, part-time, on an hourly status, a substitute teacher or a substitute educational assistant are eligible to participate in the 457(b) Plan.   

A third party administrator manages the 457(b) Plan for APS.  To participate in the program, make changes to existing accounts, or keep your name and address current please contact the State of New Mexico Deferred Compensation Service center at (866) 827-6639 or (505) 989-4992 or log onto their website at www.newmexico457dc.com.

To enroll in the 457(b) Plan or to make a change to your existing 457(b) Plan

The 457(b) retirement savings plan is through Nationwide Retirement Solutions.  If you are interested in more information about the plan, please contact the Nationwide Retirement Solutions representative for New Mexico, Clayton Puckett at (505) 362-8814 or PUCKETC1@nationwide.com.  Clayton handles enrollment in the 457(b) plan, or you may obtain an Enrollment Form in the APS Employee Benefits Department. 

You may enroll in the 457(b) Plan at any time during the year, and your contributions will start with the first paycheck of the month following the date the APS Employee Benefits Department receives notification of your enrollment.  (Nationwide Retirement Solutions will send APS the information once you enroll.)  Winter break and summer payroll schedules and deadlines can impact the start date of your contributions.

Contributions for the 457(b) Plan are taken out of two paychecks per month.  There are no contributions deducted from the third paycheck of any month.

You may contact Ann Johnson in the Employee Benefits Department at ann.johnson@aps.edu  or at (505) 889-4821 with general questions.  You may also contact Ann to obtain the Enrollment Form or the Change Form (to change your 457(b) Plan contribution amount).

To request a distribution, loan or roll-over from your 457(b) plan

Please contact Nationwide Retirement Solutions in Santa Fe at (505) 989-4992 for the form to complete.

Questions about IRS regulations regarding when you can take a distribution or make a roll-over should be addressed with Nationwide Retirement Solutions.

Ann Johnson in the APS Employee Benefits Department is authorized to sign your completed distribution form as long as you are no longer employed by Albuquerque Public Schools and your termination date shows in the Lawson Payroll System.  Ann can be reached at ann.johnson@aps.edu or at (505) 889-4821.

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