The City of Cambridge provides access to a Deferred Compensation Plan which allows employees to invest a portion of their wages through payroll deductions on a pre and post-tax basis in a variety of investment vehicles such as stock and bond mutual funds, guaranteed accumulation accounts, and money market funds.
The purpose for this plan is to provide supplemental savings for retirement only. The plan should not be used for general savings or as a reserve against unanticipated expenses, as there may be significant restrictions as well as tax and other penalties for premature withdrawal. Although employees can generally enroll or change their level of contribution at any time, Open Enrollment is a good time to review current options.
City of Cambridge Employees
There are currently two vendor plans for new enrollments, Empower and VOYA. To learn more about these plans, please view the links below. Enrollment, Beneficiary, and Payroll Deduction forms are available in the resources section of this page.
View Deferred Compensation Plan with Empower Retirement
View Deferred Compensation Plan with VOYA Financial
Also, as part of Open Enrollment, representatives from Empower (457B plan) and VOYA (457B plan) will be available to answer questions at an in-person Benefits Fair on:
Cambridge City Hall, Sullivan Chamber, 2nd floor.
For more information, please find plan contact information below.
Empower Retirement
Mike Tomlin
Phone: 914-355-6624
Email: mike.tomlin@empower.com
VOYA
Brady Cowling
Phone: 781-796-9973
Email: brady.cowling@voyafa.com
School Department Employees
Although you may enroll in a 403B plan at any time, you may want to take this opportunity during Open Enrollment to review your 403B benefits options.
If you are interested in finding out more information on the plans or enrolling, please see deferred compensation plan information on the Cambridge Public Schools website.