What is this service?
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 recordkeeper and provider of investment options is Nationwide Retirement Solutions.
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)
Nationwide representatives assigned to San Luis Obispo County:
·Loren Farfan: 818-642-8191 [email protected]
Nationwide’s Interactive Retirement Planner Tool
Nationwide’s Paycheck Impact Calculator Tool
Nationwide’s Help Choosing Investment Funds Tool
Impact of Increasing Contributions