Supplemental Retirement Accounts


Adam Ferguson


To create or access an ICMA-RC account

What or Who is ICMA-RC?

ICMA-RC is a non-profit independent financial services corporation providing supplemental retirement plans and related services for more than a million public sector participant accounts. Their mission is to help build retirement security for public employees – YOU!

The City of Gainesville makes it easy to contribute to either an ICMA-RC Roth Individual Retirement Account (IRA) and/or a 457 Retirement account by allowing payroll deductions of these contributions. So, start saving for retirement now!

Individual Retirement Accounts (IRA)

A Roth IRA is a special retirement account in which you pay taxes on the contributions going into the account and then all withdrawals, including the growth income at the appropriate time, are tax free.  You may withdraw funds equal to your contribution total tax free at any time, but you must follow guidelines to withdraw your growth funds tax free and without penalties.  Each year the IRS updates the rules governing IRAs.  These rules include a maximum yearly contribution limit.  The 2016 maximum contribution limit is $ 5,500 or $ 6,500 if you are 50 years of age or older.

457 Retirement Accounts

A 457 deferred compensation plan allows you to save and invest money for retirement with tax benefits.  It is designed to supplement your retirement income and reduce your current tax burden.  Pre-tax contributions, up to the current year IRS-determined limit, and all associated growth earnings are not subject to tax until the funds are withdrawn.  The 2016 contribution limit is $ 18,000, up to $ 24,000 if you are 50 years of age or older, or up to $ 36,000 if you qualify for pre-retirement catch-up contributions.


New & Notable

How to switch your IRA funds:

Very IMPORTANT information about some ICMA-RC IRA accounts; Action required!
Helpful IRA Funds Transfer Matrix
Mobile Application Information, Simulation, and Download Links


All enrollment and change forms must be turned in to the Risk Management Department for changes to take affect.

Roth IRA and 457 Plan Payroll Deduction Change Form - make changes to your bi-weekly payroll deductions
(457 changes will occur the month follow form submission.)