Deferred Compensation
This page provides information about the Deferred Compensation Plan 457(b). Contact information for Nationwide Retirement Solutions and links to several helpful planning tools are also provided.
Benefit Overview
The Deferred Compensation Plan also known as a 457(b) is a voluntary retirement savings plan offered by the County to enable employees to save for their future on a tax deferred basis. If you participate in the deferred compensation plan, you contribute biweekly payroll deductions to a retirement account. That money and any earnings you accumulate are not taxed until you withdraw them. The County's Deferred Compensation Plan is established and administered pursuant to Section 457 of the Internal Revenue Code (IRC). Contributions are limited to an annual maximum dollar amount, as established under the IRC. Benefits of participating in a deferred compensation plan include:
- Your contributions and any earnings to a 457(b) plan are tax-deferred
- Easy and automatic payroll deductions
- Change your contribution amount or investment mix at any time
- Low cost fees
- You may be eligible for a loan at competitive rates from your 457(b)
- Roth after tax contributions are also available to allow for a tax-free retirement income
The Deferred Compensation Plan is sponsored by SLO Pension Trust and the record keeper and provider of investment options is Nationwide Retirement Solutions.
Contact Information
Call Nationwide at 877-677-3678.
Phone center hours of operation are Mon-Thursday (8:30am-8:00pm EST) and Friday (8:30am-6:30pm EST)
www.sanluisobispo457.com
Nationwide representatives assigned to San Luis Obispo County:
·Loren Farfan: 818-642-8191 [email protected]
Tools:
Nationwide’s Interactive Retirement Planner Tool
Nationwide’s Paycheck Impact Calculator Tool
Nationwide’s Help Choosing Investment Funds Tool
Impact of Increasing Contributions
Reference
FAQs
Answer: The IRS sets contribution limits annually. For the current contribution limits, visit Nationwide’s website.
In most cases there are no matching contributions from the employer, but please refer to your bargaining unit's MOU.
The funds you contribute are yours. If you leave your job, you may be able to roll your assets into another eligible retirement plan, or IRA.
Contact Nationwide directly to speak with a Retirement Specialist for a phone, online or in personal consultation. Nationwide conducts onsite personal counseling at the County several weeks a year. Contact your payroll coordinator in your department for more information on their latest availability.