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457(b) Voluntary Retirement Savings Plan

Find information about the 457(b) Deferred Compensation Plan eligibility and plan administration.

The State of New Mexico 457(b) Deferred Compensation Plan is a voluntary,  tax-deferred retirement plan.  The plan is designed to provide a convenient and affordable way for you to invest for your retirement, allowing you to set aside money to supplement your New Mexico Educational Retirement Board retirement benefits. 


Active Albuquerque Public Schools (APS) employees are eligible to make voluntary contributions to the 457(b) Plan through payroll deduction. The minimum contribution to the APS 457(b) Plan is $10 per pay period or $240 per year.  The maximum contribution is set by the IRS and is usually adjusted annually. All APS employees, whether full-time, part-time or on an hourly status are eligible to participate in the 457(b) Plan.

For 2023, the maximum annual contribution to a 457(b) Plan for employees under age 50 is $22,500.  The maximum is $30,000 for employees age 50 or over.

  • APS employees who work more than 25% of the time (.25 full-time equivalents) are required by state mandate to contribute to the New Mexico Educational Retirement Board (NMERB) pension plan. 
  • The NMERB plan is a Defined Benefit Plan. Both you, as the employee, and APS, as the employer, contribute a percentage (established by the New Mexico State Legislature) towards your NMERB plan. 
  • APS is contributing to your NMERB plan, therefore there is no APS match or contribution to the 457(b) Plan.  

Plan Administration

APS employees are eligible to participate in the 457(b) plan offered by the New Mexico Public Employees Retirement Association (PERA) and administered by Voya Financial.

If you are interested in more information about the 457(b) plan, please visit the Voya Financial website for New Mexico employees. APS offers both the traditional 457(b) plan (before-tax contributions) and Roth 457(b) plan (after-tax contributions.) 

Step 1: Enrollment

  1. To enroll in the 457 Plan, visit the Voya Financial website and then click the gold box that says ‘Ready to Get Started? Click here’.
  2. At the next screen, start typing "Albuquerque Public Schools" in the search box, then select “Albuquerque Public Schools PERA SmartSave” and click Continue.
  3. To begin enrollment, you will need to enter your Social Security Number, birth date, and zip code.
  4. Be prepared to indicate your per pay period contribution amount, your investment elections (refer to the PERASmartSave site), and your beneficiaries. 
  5. After you have completed your enrollment, Voya will send you a Personal Identification Number (PIN) in the mail.  Voya will also notify the Employee Benefits Department of your enrollment and contribution amount.

Related: PERA Smart Save Enrollment Instructions (PDF)

Step 2: Account Registration

Once you enroll and receive your PIN in the mail, it is important to register your account and to create a Username and Password.

  1. To do so, visit the PERA SmartSave Account Registration page.
  2. Choose the way you would like to create your online account access:
    • Social Security Number and the PIN sent to you by Voya, or
    • Social Security Number and your date of birth
  3. Once your identity is confirmed, you will create your Username and Password, which you will use to access your account going forward (including to make any changes to your contribution amount in the future). 

Related: PERA SmartSave Account Access Guide (PDF)

Plan Management

  • To change your existing contribution, log on to the Voya Financial website. Once logged on to the Voya secure site, select My Account from the top menu bar, and then select the option to change your 457 plan contribution.  
  • To request a distribution, loan or roll-over, visit the Voya Financial website, or contact Voya Customer Service (phone number below) to find out the steps you need to take to request a distribution, loan, or roll-over. 

For Questions or More Information

Contact Employee Benefits:

  • If you have questions about 457 Plan data-input into the APS payroll system, contact Ann Johnson, APS Employee Benefits, at (505) 889-4821 or
  • If Voya Financial indicates that they do not have your termination date on file, contact Ann Johnson, APS Employee Benefits, at (505) 889-4821 or

Contact Voya Financial Customer Service:

  • For questions or assistance using the Voya website for registration, enrollment, or making contribution changes, contact Voya Customer Service at (833) 424-7283, from 7 a.m. to 7 p.m. MT.
  • For questions about IRS regulations regarding when you can take a distribution or do a roll-over contact Voya Customer Service at (833) 424-7283, from 7 a.m. to 7 p.m. MT.