The County offers voluntary Deferred Compensation 457(b) plans administered by Nationwide to regular employees who receive a regular appointment and who are employed for 20 hours per week. The plan generally allows you to defer up to $18,000 a year ($24,000 if you're 50 or older) through payroll deduction.
Frequently Asked Questions
- What sets a 457(b) apart from other retirement plans? A 457(b) may offer benefits other retirement plans can't, like penalty-free withdrawals if you stop working for the County.
- What does tax-deferred mean? Basically, you don't pay income taxes on your deferred compensation plan contributions or earnings until you retire and/or begin to take payments from your account. This may lower your taxable income now and in retirement. Withdrawals taken in retirement are taxed as regular income.
- Our Retirement Specialist will work with you to combine or consolidate your eligible retirement accounts into your deferred compensation account.
Deferred Compensation Resources
- Access Your Account
- Guide to Roth 457(b) Contributions
- Tools and Calculators
- Interactive Market Data
- Catch-Up Brochure
- Fund Withdrawal and Payout Options
- Unforeseeable Emergency Distribution Instructions & Application
Deferred Compensation MatchMost regular employees who receive a regular appointment and who are employed for 20 hours per week, except where indicated below, are eligible to earn an employer match.
- AFSCME/Clerk's Association/Non-Represented full time employees: The County will contribute fifty cents ($.50) for every dollar ($1.00) contributed by the employee. The County contribution will not exceed one percent (1%) of the employee’s monthly base wage. In order to receive the full match of 1%, the employee must contribute at least 2% of their pay. (For example: $5852.95 salary * 2% = $117.06 employee deduction; $5852.95 * 1% = $58.53 employer match.)
- IAFF Local 2597 Airport Fire Fighters: Employees will receive a deferred compensation match, dollar for dollar, of three percent (3%) of monthly base wage.
- Sheriff's Office Management Team (SOMT): The employer shall match twenty percent (20%) of the employee’s contribution to the county’s Deferred Compensation Plan rounded up to the nearest dollar to a maximum match by the county of $105.00 per month.
Teamsters Local 763 Corrections Support Supervisors/Corrections Sergeants & Lieutenants: The County will match up to 50% on the dollar toward County sponsored deferred compensation up to 2% of the employee's monthly base wage.
The following groups are NOT eligible for a match:
- Elected Officials
- Deputy Sheriff’s Association (Sheriff's Deputies and Sergeants)*
- Sheriff’s Law Enforcement Support*
- Corrections Guild (Corrections Deputies)*
You may enroll or make changes at any time during the year. To enroll, fax the Deferred Compensation Enrollment Form to Mike Ferguson at 1-866-222-3469. To make changes, submit the Deferred Compensation Change Form to Human Resources. Contact Mike Ferguson for guidance on completing the enrollment form or making changes to your existing account.
- Submit the Name/Address/Beneficiary Update Form to Human Resources.
Schedule an AppointmentSchedule a 1:1 appointment with our Nationwide Retirement Specialist Mike Ferguson to learn more.