Deferred Compensation
What is this service?
The Deferred Compensation Plan is a voluntary savings plan offered by the County to enable employees to save for their future on a tax deferred basis (although a Roth option is also available). At present there are no matching contributions from the employer in most cases. Starting in 2019 Bargaining Units 04, 07, 08,09,10,11, 16 & 17 have an employer match of 50% on employee contributiions up to a maximum match of $500 matching (i.e., employee contributes at least $1,000/year to receive the maximum matching contribution). Other agencies also participate in the DC Plan - Courts, APCD, LAFCO.
The County's Deferred Compensation Plan is established and administered pursuant to Section 457 of the Internal Revenue Code. The DC Plan is administered on behalf of the County by the Pension Trust. The recordkeeper and provider of investment options for the DC Plan is Nationwide Retirement Solutions.
Since 2017 Nationwide has been the provider for the Deferred Compensation Plan. Nationwide performs recordkeeping services and provides the various mutual funds available as investment options.
To set up your account with Nationwide you may call 877-677-3678 to obtain your account number and set up your PIN. Or, you can reference your new account number from Nationwide from your quarterly statement. With your new Nationwide account number, you will then be able to establish your on-line account by visiting www.sanluisobispo457.com.
For routine inquiries (e.g., balance inquiries, beneficiary changes, address changes, etc.) about your Deferred Compensation account you may call Nationwide at 877-677-3678.
For more involved questions, to enroll in the Deferred Compensation Plan or to discuss your account, Loren Farfan is the Nationwide representatives assigned to San Luis Obispo County. For inquiries or to make an appointment, please call or email her at:
Loren Farfan: 818-642-8191 [email protected]