CHARLESTON – West Virginia Retirement Plus, the state’s 457 savings plan administered by State Treasurer John Perdue, is now open to any public employee in Boone County.
Treasurer Perdue is a proud Boone County native, hailing from Dog Fork Hollow just outside of Madison.
“It makes me feel good that if you work for any government-affiliated entity in Boone County then you are eligible to take part in what we think is a wonderful program,” Treasurer Perdue said. “Deferring your income lowers your taxes each year and sets aside an additional nest egg.”
A 457 plan also allows a worker to retire before age 59 and a half and avoid the 10 percent IRS penalty common to other plans. An enrollee does have to pay common income taxes upon withdrawal, however.
Boone County entities participating include:
- Boone County Commission
- Boone County Board of Education
- City of Madison
- Town of Danville
- Town of Sylvester
- Town of Whitesville
- Boone County Ambulance Authority
- Boone County Health Department
- Boone County Public Service District
- Boone–Raleigh Public Service District
- Boone–Madison Public Libraries
“As the state’s chief financial officer, one of my missions is to promote financial education and saving,” Treasurer Perdue said. “I think this does both. I couldn’t be happier.”
West Virginia Retirement Plus requires that one contribute at least $10 per pay period. There is no fee for keeping an account.