The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act provided some temporary emergency provisions for retirement plans due to the COVID-19 emergency, which the County’s Deferred Compensation Plan has adopted. The provisions are available for participants in the deferred compensation program who meet the qualifying criteria in the legislation. These provisions include tax-favored withdrawals for reasons related to the COVID-19 emergency. Review the Coronavirus-Related Distribution Request Form and the submittal instructions.
The County offers voluntary Deferred Compensation 457(b) plans administered by Nationwide to regular employees who are employed for 20 or more hours per week. A 457(b) Deferred Compensation plan is a retirement plan, created to serve governmental employees.
IRS Contribution Limits
Understanding IRS contribution limits is important, especially when your goal is to contribute the maximum to your account. Even if you can’t do the max, consider increasing your contribution a little each year to potentially move closer to your retirement goals. Review the annual contribution limits.
Deferred Compensation Resources
- Manage Your Account
- Nationwide Learning Center
- Roth 457(b) Contributions Guide (PDF)
- Catch-Up Brochure (PDF) (age 50 or older, catch-up provisions allow you to accelerate savings)
- Fund (PDF) Withdrawal and Payout Options
- Unforeseeable Emergency Distribution Instructions & Application (PDF)
Deferred Compensation Matching Contribution
Most regular employees who are employed for 20 or more hours per week are eligible to receive a matching contribution made by the County. Review the Deferred Compensation Matching Contribution Summary (PDF) to learn more.
Enrollment & Changes
You may enroll or make changes at any time during the year. To enroll, complete the Deferred Compensation Participation Agreement (PDF) and fax to Mike Ferguson at 855-648-7567. To make changes, submit the Deferred Compensation Change Form (PDF) to Human Resources. Email Mike Ferguson for assistance, or call 509-385-7825.
Submit the Name/Address/Beneficiary Update Form (PDF) to Human Resources.