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Deferred Compensation Plans through MissionSquare (All City Employees)
The City of Norfolk offers supplemental voluntary savings plans as simple and flexible ways to help increase your retirement savings for a more secure and confident future.
All City employees can participate in the City of Norfolk Voluntary 457 Deferred Compensation Plan or Roth IRA Plan managed by MissionSquare Retirement.
MissionSquare Retirement (formerly ICMA-RC) manages:
- The City's Voluntary Deferred Compensation 457 Plan (plan number 300078).
- Tax-Deferred or Roth
- The City's Roth IRA Plan (plan number 705834).
Enroll or Manage Your Account
Use the links above to enroll, log in to your account, check your current status or make updates to your information.
Learn More About MissionSquare
Visit www.missionsq.org for information about investment options, retirement planning tools and more.
Talk to a Representative
Toll-Free: (866) 266-7313
Join a Webinar or Schedule an Appointment
VRS Plan 1 and Plan 2 and Hazardous Duty Plan Members
Plan 1 and Plan 2 are traditional defined benefit plans and do not include a defined contribution component. Plan 1 and Plan 2 members are encouraged to enhance their retirement savings by enrolling in the City’s voluntary 457 deferred compensation plan, administered by MissionSquare Retirement.
VRS Hybrid Plan Members
Hybrid Plan members may also participate in the City’s voluntary 457 deferred compensation plan, administered by MissionSquare Retirement.
Hybrid Plan members are encouraged to maximize their voluntary contributions to the defined contribution component administered by Voya before contributing to the City’s voluntary 457 Deferred Compensation plan.
Learn more about the VRS Hybrid Defined Contribution Plan, administered by Voya, and the City’s contribution match here Version OptionsDeferred Compensation Plans through MissionSquare (All City Employees)Headline.
IRS Annual Contribution Limits
The IRS has raised contribution limits for retirement savings plans in 2026, allowing you to save more for your future. Learn more through the IRS and MissionSquare Retirement websites.
The table below summarizes the 2026 IRS retirement savings plan contribution limits:
City of Norfolk’s Voluntary MissionSquare Retirement 457 Deferred Compensation Plan | ||
Plan Feature | New 2026 Contribution Limit | 2025 Contribution Limit |
Standard Annual Contribution
(Including Pre-Tax and Post-Tax Roth 457 Plans) | $24,500 | $23,500 |
“Pre-Retirement” Catch-Up Limit (3-Year Rule) | $24,500
(Total Contribution: $49,000 ($24,500 Standard + $24,500 Catch-Up)) | $23,500
(Total Contributions: $47,000 ($23,500 Standard + $23,500 Catch-Up) |
This catch-up is limited to unused contributions from prior years. Participants may use either the “Age 50+” or “Pre-Retirement” Catch-Up in a given year, whichever is higher, but not both. | ||
“Age 50+” Catch-Up Limit | $8,000
(Total Contribution: $32,500 ($24,500 Standard + $8,000 Catch-Up)) | $7,500
(Total Contribution: $31,000 ($23,500 Standard + $7,500 Catch-Up) |
This catch-up cannot be combined with the “Age 60-63 Super” Catch-Up in the same year. | ||
“Age 60–63 Super” Catch-Up | $11,250
(Total Contribution: $35,750 ($24,500 Standard + $11,250 Catch-Up)) | N/A (New for 2026) |
This catch-up cannot be combined with the “Age 50+” Catch-Up in the same year. | ||
Roth Catch-Up Mandate Threshold (Social Security Wages) (New Starting January 1, 2026) | ||
$150,000 | ||
MissionSquare Retirement 457 Deferred Compensation Plan participants with prior-year FICA earnings (shown in Box 3 of your Form W-2 as Social Security wages) over $150,000 must make any age-related catch-up contributions on a Roth post-tax basis. Employees can access prior Form W-2s in PeopleSoft Self-Service. | ||
City of Norfolk’s Voluntary MissionSquare Retirement Roth IRA (Post-Tax) Plan | ||
Plan Feature | New 2026 Contribution Limit | 2025 Contribution Limit |
Standard Annual Contribution | $7,500 | $7,000 |
“Age 50+” Catch-Up Limit | $1,100
(Total Contribution: $8,600 ($7,500 Standard + $1,100 Catch-Up) | $1,000
(Total Contribution: $8,000 ($7,000 Standard + $1,000 Catch-Up) |
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Why invest in a deferred compensation plan?
For most Americans, pension and Social Security benefits will not provide enough retirement income. The 457 deferred compensation plan makes investing easy and can help you create a more financially secure future for you and your family.
What is a 457 plan?
A 457 deferred compensation plan is a retirement plan that allows public employees, like you, to set aside money for retirement from every paycheck. Employees may defer compensation into the plan on a before-tax basis or after-tax (ROTH) basis.
Deferred compensation plan benefits include:
- Bridging the gap between your pension and Social Security benefits
- A variety of investment options provide opportunities to grow your savings
- Supplemental income in retirement
- Financial counseling
- Participation is optional and you can change your contributions at any time
What is an IRA?
An individual retirement account (IRA) allows you to save money for retirement in a tax-advantaged way. You take before-tax or after-tax dollars and deposit them into an IRA account. You can then invest that money in stocks, bonds, exchange-traded funds or other assets. Contributions to Roth IRAs are not tax-deductible, but withdrawals from Roth IRAs are tax-free and there are no taxes on investment gains. Contributions to traditional IRAs are often tax-deductible. However, withdrawals from traditional IRAs in retirement are taxable as ordinary income.