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
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
Employees who take an "Unforeseeable 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
To receive the City contribution, the employee must
contribute the minimum requirement of $10 per pay into a 457
Deferred Compensation Plan.
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.
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.
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