Evergreen has a 457 , which is an employee's tax-deferred retirment account. Employers cannot contribute to a 457 plan. So, they contribute to a sister account: the 401(a). Both plans are held side-by-side by Fidelity and can be accessed on their site.

    
 Let's talk about the 457 Plan first.

    

Only your current deferred contributions that go into this account. The tax-deferral is very important, it allows you to contribute more by decreasing your current taxable income. Any  realized gains  and earnings inside the account are not taxed. You are taxed only on distributions. This account, the 457, is entirely yours but is held by Fidelity Investments, the custodian. You cannot make withdrawals from it until you either quit or reach the age of 59 1/2. There are no loans or hardship withdrawals.
Pros
Cons
 The 401(a) Account, the sister account

Evergreen's 401(a) plan can hold money from 3 different sources:
    Rollover money from another tax qualified plan, such as a 401(k) from a former employer or an IRA.
    Employer matching of your 457 plan constribution.
    Evergreen Pension, which is an employer contribution independent of the matching contribution.

Let's talk about these three sources separately and vesting.

Rollover: You can roll funds from a former employer's plan or an iRA into your 401(a). This could make it easier to manage your accounts; they would all be easily accessed from the Fidleiity website. The rollover is not subject to the vesting schedule.
    There are a few disadvantages to consider:
        1) You cannot make a distribution or transfer from the 401(a) account as long as you are working for Evergreen. This means that there are no loan, hardship, education or home-buying provisions. You cannot change your mind.
        2) IRA's have significantly better inheritance terms.
        3) You can invest funds only in the securities that Fidelity Investments permits.

The Evergreen Pension and matching funds are subject to vesting.
        
Matching: Evergreen will match staff nurses at 50% of their contributions, up to a maximum of 4% of yearly compensation. If you make $50,000 in a year and contribute at least 8% of your salary ($4,000), Evergreen would put in $2,000. Supervisors and above receive a full match, up to 8% max. Take this free money. (Enroll right away!)
   



Evergreen Pension:  Your employer contributes a "base pension" or an amount based on your salary. This is designed to retain employees for the longer term and is a "golden handcuff". The fraction of your salary increases until you have worked six years.  of sorts This money is deposited quarterly and is subject to vesting. Contribution schedule as a percventage of yearly compensation:

1-3 years

1%

4+ years

2%

5+ years

3%

6+ years

4%


Vesting means that you are only entitled to all of this money when you have worked 5 full years. If you leave before full vesting, you will not receive the full amount. The Matching and Pension are subject to vesting; your rollover or your 457 are fully vested. This is the vesting schedule:

 

1-2 years

20%

2-3 years

40%

3-4 years

60%

4-5 years

80%

5+ years

100%

 


What it means:This generous tax-deferred retirement plan is designed to retain employees. You will maximize the employer contributions if you defer at least  8% of your salary to the 457 right away, and work for 6 years or more.  If you cannot defer the full 8%, it is still to your advanctage to participate from day #1.  The longer you work for them, the more they contribute.
    Both the 457 and 401(a) are defined contribution,tax-deferred plans held by Fidelity, not accessible while you are working and younger than 59 1/2. These accounts can lose money. Invest with care. 

This is an overview only. The HR department at Evergreen will give you more detailed plan information and answer your questions about the administration of your plan. I have found them to be very helpful.