Social Security Account
A mandatory 7.65% contribution from the employee will be matched by 7.65% from the employer.
County 401(a) Retirement Program
This is a mandatory Retirement Plan for employees regularly scheduled for 20 hours per week or more. The minimum withholding amount is 3% of gross salary, which the county defers and matches.
The employee becomes vested in the employer's share of contributions to their retirement account at a rate of 20% per year. Additional contributions can be made to this plan after-tax up to 10% of gross salary.
457 Deferred Compensation Plan Match Program
This is an optional contribution. The County will match up to an additional 2% of gross salary contribution in this plan. This contribution can be done pre-tax or after-tax. Federal Insurance Contributions Act (FICA) tax is payable on employee and employer contributions.
457 Deferred Compensation Additional Retirement Contributions
The employee can contribute additional amounts to retirement above the amounts matched by the employer up to the annual maximum limits.
Annual Deferral Limits for 457 Deferred Compensation Plan are as follows:
|Year||Standard Annual Limit ($)||Age 50 Annual Limit ($)||Traditional Catch-Up Limit ($)|