What are the participation rates for the 457 and 401(a) plans?
Both the 457 and 401(a) plans are voluntary retirement plans that employees may utilize. Neither plan offers a matching contribution which means each plan is funded solely from employee contributions. The 457 plan has maintained a strong participation rate of nearly 70% for several years. The 401(a) plan is a supplemental plan and has limited enrollment opportunities which make it appealing for a smaller number of employees.