In addition to the MainePERS plan or the MissionSquare 401a retirement plan, the City of Portland provides a MissionSquare 457 deferred compensation plan or Payroll Deduct Roth IRA plan designed to supplement your retirement income. The City of Portland understands that while the Defined Benefit plan or the Defined Contribution plan may go a long way, they are unlikely to be enough. Having supplemental savings vehicles can help you maintain your desired standard of living. An explanation of both plans is provided below.

• MissionSquare 457 Deferred Compensation
  • Available to all permanent employees working 18.75 hours or more per week.
  • You can defer on a pre-tax basis up to 100% of gross salary less pension pre-tax deductions or the yearly IRS maximum, whichever is less.
  • Can change withholdings on the first pay day of a month
  • Age 50 Catch Up option and Special 3 Year Pre-Retirement Catch Up option

• Payroll Deduct Roth IRA
  • Through a tax code provision, participants may add a supplemental Roth IRA
  • Available to all permanent employees working 18.75 hours or more per week.
  • After tax contributions may not exceed the maximum as defined by the IRS
  • $1,000 Catch Up option for those age 50 or older
  • These after-tax contributions can be withdrawn tax and penalty free if certain requirements are met.

For more information about these plans please visit the MissionSquare website or schedule an appointment with the City of Portland’s dedicated Retirement Specialist.