401(k) MAP/ 457 RSVP
In addition to the pension benefit, employees also have the option of investing in two tax-deferred savings plans offered by the City, MAP 401(k) and RSVP 457. Each plan has different contribution and distribution rules, so make sure you fully understand. Please note that no withdrawal is allowed from either of these plans while you are actively employed with the City, although you may be eligible to receive a loan.
The City of Tallahassee MAP ("Matched Annuity Program") plan is a qualified pension plan.
Depending upon plan provisions, at retirement the city may make a 50% match of the money you have contributed if the following conditions are met:
1) you have been employed for at least seven years
2) you choose a city-approved payout schedule.
The match would apply to the city contribution and your 1-5% contribution per pay period.
A tax-deferred savings plan with provisions that comply with Section 457(b) of the Internal Revenue Code. Employee contributions only with no matching component. After termination of employment distributions are not subject to the IRS early withdrawal penalties.
If you have any questions about how to borrow from your retirement account or wish to request a loan, you may contact Empower Retirement to speak with a Customer Service Representative at 1-800-701-8255, Monday through Friday, 9:00 a.m. to 8:00 p.m., Eastern Time or visit Empower Retirement and log on to your account for loan information.