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Benton County Employee Benefits - Deferred Compensation
Benton County employees can choose between Nationwide Retirement Solutions or ICMA RC Retirement Corporation for their deferred compensation provider.
Eligibility: Employees who have completed six months of service are eligible to participate in the County's 457 Deferred Compensation Plan.
Questions |
|
| Nationwide Retirement Solutions | ICMA-RC |
| Blair Hill | Delana Hansen |
| (541) 231-3385 | (888) 803-2726 |
Plan Participation |
|
| Non Represented Employees | County's contribution. May contribute a fixed dollar amount. |
| AFSCME Employees | May contribute a fixed dollar amount. |
| BCDSA Members | County's contribution. May contribute a fixed dollar amount |
| ONA Employees | May contribute a fixed dollar amount. |
Deferred Compensation Program
What is 457 deferred compensation plan?
A tax-exempt deferred compensation program made available to employees of state and federal government and agencies. A 457 deferred compensation plan is similar to a 401(k) plan, except there are never employer matching contributions and the IRS does not consider it a qualified retirement plan. Participants can defer some of their annual income (up to an annual limit), and contributions and earnings are tax-deferred until withdrawal. Distributions start at retirement age.
Am I eligible for deferred compensation?
If you are a County employee in a benefited position working more than 20 hours per week and have completed six month of service, you are eligible for deferred compensation.
Does the County make a contribution to deferred compensation on my behalf?
For non-represented employees, the County contributes 3% of the salary to the employees deferred compensation account. For employees represented by a bargaining unit, the employees should refer to their bargaining units contract.
How do I enroll in deferred compensation?
Human Resources notifies employees when they've complete six months of service. Following you'll find the Nationwide enrollment form (PDF) and ICMA enrollment form (PDF) along with a Nationwide Deferred Compensation Investment Guide (PDF) and the ICMA Deferred Compensation Summary/Benton County Available ICMA Investment Codes (PDF). You can use this information to choose your deferred compensation provider.
How can I change my allocation?
For ICMA, if an employee chooses to change the amount of their allocation, the employee can use the 457 Deferred Compensation Plan Amount of Deferral Change Form (PDF). For Nationwide, if an employee chooses to change the amount of their allocation, the employee can use the Nationwide enrollment form (above).
