401(k) MAP/ 457 RSVP
In addition to the pension benefit, employees also have the option of investing in two tax-deferred savings plans offered by the City, MAP 401(k) and RSVP 457. Each plan has different contribution and distribution rules, so make sure you fully understand. Please note that no withdrawal is allowed from either of these plans while you are actively employed with the City, although you may be eligible to receive a loan.
MAP 401(k)
The City of Tallahassee MAP ("Matched Annuity Program") plan is a qualified pension plan.
Depending upon plan provisions, at retirement the city may make a 50% match of the money you have contributed if the following conditions are met:
1) you have been employed for at least seven years
2) you choose a city-approved payout schedule.
The match would apply to the city contribution and your 1-5% contribution per pay period.
RSVP 457
A tax-deferred savings plan with provisions that comply with Section 457(b) of the Internal Revenue Code. Employee contributions only with no matching component. After termination of employment distributions are not subject to the IRS early withdrawal penalties..
Loans
Please read this if you are thinking about a loan: Loans can be costly
Note: If you have any questions about how to borrow from your retirement account or wish to request a loan, you may call a Prudential Customer Service Representative at 1-800-833-5761, Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time.
- Rules regarding loans from your MAP account include:
- Only one outstanding loan per account (MAP and RSVP) is allowed
- Minimum loan amount is $1,000
- An Application fee of $75 is charged for each loan application
- An Annual Processing Fee of $25 is charged
- The Interest Rate is equal to Prime plus 1%
Loan Disclosure Statement (PDF)
Frequently Used Forms and Publications
MAP vs RSVP Comparison Chart (PDF)
MAP/RSVP Contribution Limits Info Sheet (PDF)
401 (k) Contribution Change Form (General Employees) (PDF)
401 (k) Contribution Change Form (Police and Fire) (PDF)
401 (k) Enrollment Form (PDF)
457 RSVP Contribution Change Form (PDF)
457 RSVP Enrollment Form (PDF)