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Supplemental Retirement and Deferred Compensation - 401(k), 401 (a) & 457 Plans

What types of accounts are available for employees to supplement their local government retirement?
  • 401(k), 457, and 401(a). NOTE: The 401(a) option is not available to police officers whose 5% Town contribution must be deposited into 401(k) according to North Carolina law.
Who administers the 401(k) Plan?
  • Prudential Retirement Services, see their website or call 1-866-624-0151. (Tip - if you do not enter any account information and ignore the recorded instructions for about 30 seconds, your call will be transferred to a live person and you will not have to go through all of the options.)
Who administers the 457 Plan?
  • ING Financial Services. A representative is available to talk with employees the 2nd Tuesday of each month in the Human Resources department conference room from 9 am - 4 pm. Please make an appointment by calling Human Resources - 469-4070. Or, they may be reached at 1-888-998-4872. Website: www.ing-usa.com
Who administers the 401(a) Plan?
  • ING Financial Services. A representative is available to talk with employees the 2nd Tuesday of each month in the Human Resources department conference room from 9 am - 4 pm. Please make an appointment by calling Human Resources - 469-4070. Or, they may be reached at 1-888-998-4872. Website: www.ing-usa.com
When may an employee begin participation in these supplemental retirement accounts?
  • 401(k) and 401(a) plan participation is based on the following criteria: when you become a member of the retirement system at the end of two full months of employment (regular full-time or part-time employees budgeted to work more than 20 hours per week). Police Officers, Firefighters, and employees transferring from another participating government entity in North Carolina start on the date of employment.
  • 457 plan participation can begin immediately following date of hire.
What type of contributions are made to these plans?
  • 401(k)
    • The Town currently contributes 5% of gross salary each pay period.
    • An employee may choose to make voluntary pretax contributions by payroll deduction in an amount not less than $10.00/paycheck or 1% of gross income.
    • Maximum contributions are limited to certain Plan and IRS limitations.
  • 457
    • Contributions to 457 are employee voluntary contributions only. An employee (or elected official) may enroll and begin making contributions to 457 upon date of hire with no waiting period.
  • 401(a)
    • Contributions to 401(a) are employer contributions only. An employee may choose to have the 5% Town contribution made to 401(a) instead of 401(k) (when eligible for that contribution) so that money deposited to the 457 and 401(a) plan can be invested in the investment choices available through ING.
What is the easiest way to change my voluntary contribution (either increase or decrease) per paycheck?
  • 401(k): No form or paperwork is required. Just call 1-866-624-0151, press *0 to speak to a service center representative (or visit their website), and tell them what you want your contribution to be. They will send an e-mail to payroll notifying them to change the contribution for the next pay period and you should receive a letter of confirmation in the mail noting the change.
  • 457: Notify your HR Assistant and they will provide you with a payroll deduction authorization form and notify payroll of the change.
How are the funds in each of these plans invested?
  • 401(k): Employees may enroll in GoalMaker – a series of model investment portfolios based on risk tolerance and the period of time to work before retirement - or design your own investment allocation from a list of 9 available options.
  • 457 and 401(a): Employees meet with an ING Financial representative to design a custom portfolio and allocate investments from a list of almost 100 available options.
May the employee make changes to the investments in these plans at any time?
  • Yes. The employee has complete control on where the funds are invested.
May an employee borrow money from these supplemental retirement accounts?
  • Yes
  • 401(k): The entire process can be handled over the phone. Contact a service center representative at 1-866-624-0151 and tell them you want to borrow money from your account. They will be able to answer all of your questions and assist you in the entire process. 401(k) loans are repaid through payroll deduction.
  • 457 and 401(a): Contact the ING Customer Service Center at 1-800-262-3862 to request information about obtaining a loan and repayment instructions. 457 and 401(a) loans are not repaid through payroll deduction, but by direct payment to ING.
How does an employee change his address/phone with Prudential Retirement Services and ING?
  • 401(k): Members may change their address directly from the Retirement Services website by selecting the "Contact Us" button on the task bar and filling in the appropriate details. For security purposes, you will receive written confirmation to both new and old addresses within 7 to 10 days.
  • A Participant Service representative will also accept an address change request at 1-866-624-0151.
  • Prudential will also accept a written or faxed request. Please send your written request to:Prudential Investments
    30 Scranton Office Parks
    Scranton, PA 18507If you prefer, you may fax your request to (570) 340-4328.
  • 457 and 401(a): Changes can be made directly online by logging in at www.ingretirementplans.com or by calling the ING Customer Service Center at 1-800-262-3862

The employee benefits information posted on this website is intended to provide details and helpful information regarding benefits available to current employees of the Town of Cary. These benefits are also described in detail in contracts with the Town of Cary and/or in Town policy. The provisions of the contracts and Town policies are controlling and subject to change. None of the conditions or limitations thereof are waived or modified by reason of omission or misstatement on this website.