What is 457 deferred compensation
The 457 Deferred Compensation Plan is a tax-deferred program offered by the County of Monterey through a contracted financial institution. This voluntary plan allows participants to save for retirement now and pay taxes later by a contributing portion of their salaries to the plan through payroll deductions. These plans are offered to the employees of state and local governments, subdivisions of state governments or certain eligible key employees of tax exempt organizations.
The current quarter rate (7/1/15 through 9/30/15) on Monterey County's Custom Stable Value Fund (CSVF) or fixed fund is 2.00%.
Deferred Compensation Plan:
Deferred Compensation Administrative Committee Flyer
Deferred Compensation Plan Flyer
457 Deferred Compensation Plan
A Quick Overview of Deferred Compensation for Employees: Features & Highlights
Video: Great West Retirement Services Seminar "Increasing Your Deferral"
Deferred Compensation Plan Changes:
Roth Plan Option
Account Reduction Loan
Compensation Plan Enhancements added June 2007
By Lou Solton, Chair of the Monterey County Deferred Compensation Committee
Video: Great West Retirement Services Seminar "What Lies Ahead"
Deferred Compensation Forms:
Participant Enrollment, Governmental 457 Plan Form
Salary Deferral Agreement, Governmental 457 (b) Plan Form
Beneficiary Designation, Governmental 457 (b) Plan Form
Distribution/Direct Rollover Request, Governmental 457 Plan Form
(Includes Participant Distribution Guide) Revised August 4, 2011
Incoming/Transfer Direct Rollover Request, Governmental 457(b) Plan Form
Revised September 7, 2007
Death Benefit Claim Request, Governmental 457 Plan Form
Monterey County's Policy and Bylaws on Deferred Compensation:
Bylaws of the Deferred Compensation Plan Administrative Committee and Delegations of Additional Responsibilities to the Plan Administrator
Deferred Compensation Plan Investment Policy Statement
If you are interested in finding out more about the 457 Deferred Compensation plan for Monterey County, please contact:Source: www.co.monterey.ca.us