Frequently Asked Questions


Emergency Hardship Withdrawals

The Plan does allow for withdrawals in the event of an unforeseeable emergency resulting in a severe financial hardship under narrow circumstances defined in federal law and applicable Treasury Regulations.

Great-West participants must contact Great-West directly 1-800-701-8255 to request an emergency hardship withdrawal application.  The request will be evaluated and either approved or denied by Great-West Retirement Services. 

Employees who take an Unforseeable Emergency Withdrawal will have their deferrals automatically stopped for 6 months; the employee is responsible for making sure they get re-started.

 

Employer Contributions for Roth Plan

To receive the City contribution, the employee must contribute the minimum requirement of $10 per pay into a 457 Deferred Compensation Plan.

 
Rollovers

Former employees who are eligible for distribution of their funds (after retirement or severance of City of Mesa employment) may have their funds rolled over to IRA's 403(b), 401(a), 401 (k), or 457 (b) plans.

Caution:  Such rollovers may result in the funds becoming subject to withdrawal penalties and/or additional processing fees/expenses.  Contact your Local Key Retirement Plan Counselor, Scott Taylor 480-921-2885 for details.

Mesa's Deferred Compensation (457 Plan) provider will accept rollovers from IRA's 403(b), 401(a), 401 (k), or 457 (b) plans.  Caution:  Rollovers from any plan other than a 457 Plan will be accounted for separately and may be subject to withdrawal penalties and/or additional processing fees/expenses.  Contact your Local Key Retirement Plan Counselor, Scott Taylor 480-921-2885 for details.

 

Service Purchase

City of Mesa 457 Plan participants may use the assets from their 457 account to purchase eligible service credits from a government defined benefit plan (i.e., Arizona State Retirement System [ASRS], Arizona Public Safety Personnel Retirement System [PSPRS]).