Deferred Compensation 457 (B) Update
COVID-19 has one certainty for everyone across Wyoming, we are in unprecedented times. There are some things that haven’t changed. The Wyoming Retirement System 457 Plan is just as committed to our participants as ever. We want to help you make sure you’re staying on track to your goals. Even if you have to alter how you save, much like altering how we live, we never quit. We are partners with you during your work years and at retirement, and at difficult times. We are committed to helping you achieve successful retirement outcomes. The WRS 457 is a successful well-managed retirement savings plan, which exists only for the benefit of public employees. Retiring members who have taken advantage of optional savings through the WRS 457 Plan, and stayed on course, have retired with an additional income source from their elective savings.
Partner to partner, although it is a challenging time, we encourage you to stay the course, stay invested, and continue to save if you are able. For long term retirement savers who participate and potentially have the capacity to increase contributions, the 457 Plan provides for generous savings limits, up to $19,500 annually, or $26,000 if you’re 50 years of age or over. It’s a “bear market,” which can be an opportunity to buy more shares at cheaper prices. When coupled with a “bull market” which is a time when shares are more expensive, you take advantage of averaging out the costs of what you are paying for your investments, and what you’re gaining on your investments over a long period of time. Regardless of your circumstances, we encourage you to visit with one of WRS’s experienced, knowledgeable educators, who can help you evaluate your long term strategies before making decisions that could have a lasting outcome on your long term retirement savings
goals.
