City of Lewiston employees have the option of participating in deferred compensation 457 plans which are voluntary supplemental retirement savings programs that allow the participant to make payroll deduction contributions before taxes are deducted.
All full-time employees are eligible to participate and enroll at any time during their employment with the City of Lewiston. Employees can invest the funds in a vast array of funding options to obtain the highest return on your investment. There is an annual contribution limit of $23,000, or $30,500 if you are over 50.
The City works with two separate vendors for the 457 Plans:
Full-time City of Lewiston employees also have the option of contributing to a Roth IRA using after-tax dollars through payroll deduction. There are no immediate tax benefits when you contribute to a Roth, however, your money grows tax-free, and you can withdraw it once your reach retirement age (59½) without paying taxes or penalties. There is an annual contribution limit of $7,000, or $8,000 if your are over 50.
The City participates with Mission Square (Formerly ICMA-RC) for administration of the Roth IRA plan.