The King County Employees Deferred Compensation Plan (a 457 plan) is a voluntary supplemental retirement savings program offering you a convenient way to build your savings for the future while enjoying immediate tax breaks. The plan allows you to defer a portion of your county pay to a variety of investment options before taxes are deducted. This reduces your taxable pay, providing an immediate tax advantage. Basically, you may defer up to $14,000 if you're under 50 or $18,000 if you're 50 or older in 2005.

You may withdraw your money in a lump sum, installment payments or an annuity payment at retirement or when you leave employment with King County. Withdrawn funds are taxed, but ideally after you've retired and your income and tax liability are less.

The plan is administered for King County by T.Rowe Price. After your other benefit coverage begins, you can enroll for deferred compensation through the T.Rowe Price Web site or by calling 1-888-457-5770 (5:30 a.m.-7 p.m. Pacific). Your account will be set up so you can conduct transactions via the Web or phone.

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