Deferred Compensation

Deferred Compensation

The county provides a Section 457 Deferred Compensation Program which is administered by Empower Retirement (formerly known as Great West Life and Annuity Insurance Company). All employees who earn compensation from the county are immediately eligible to participate in the 457 Plan. This allows participants to save for retirement now and pay taxes later by contributing a portion of their pre-tax earnings to the plan. Contributions are then invested, at the employee's direction, into 1 or more of a variety of investment options. Currently, the plan offers a wide profile of asset classes ranging from conservative to aggressive. There are also several fixed income funds with which participants may invest. Participants may defer up to the IRS maximum each year. The county does not offer any match on these funds. Eligible employees may enroll in this program at any time. You may also stop contributions at any time. Your contributions to the Plan and any earnings they generate are always 100% vested (including rollovers from previous employers).

What are the contribution limits?

The 2019 maximum annual contribution limit is 100% (1% per pay period minimum) of your
compensation or $19,000, whichever is less.

“Standard” Catch-Up allows participants in the three calendar years prior to normal retirement age to contribute
more (up to double the annual contribution limit — $38,000). The amount that you may be able to contribute
under the Standard Catch-Up option will depend upon the amounts that you were able to contribute in previous
years but did not.

Participants turning age 50 or older in 2019 may contribute an additional $6,000. Please note that you may not
use the "Standard" catch-up provision and the Age 50+ catch-up provision in the same year.