Deferred Compensation

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.
  • Can I combine retirement accounts? Our Retirement Specialist will work with you to combine or consolidate your eligible retirement accounts into your deferred compensation account.

Deferred Compensation Resources



Deferred Compensation Match

Most 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 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)*
*Other items were negotiated in applicable Collective Bargaining Agreements in lieu of an employer match.

Enrollment


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.


Name/Address/Beneficiary Changes


Submit the Name/Address/Beneficiary Update Form to Human Resources.

Schedule an Appointment

Schedule a 1:1 appointment with our Nationwide Retirement Specialist Mike Ferguson to learn more.

Deferred Compensation Administrators

 

Nationwide (Current)         

Empower (Great West)

ICMA

Contact Mike Ferguson  
Phone 1-509-385-7825 / 1-877-677-3678 1-800-701-8255 1-800-669-7400
Website Nationwide Website Empower-Retirement Website ICMA Website
Email fergusm9@nationwide.com