401(a) Plan Overview
Below are the important features about your plan. This website is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your local financial professional.
There is a 90 day enrollment period after an employee completes one year of service.
Washoe County will reduce your paycheck by the amount you specify and forward it to Voya on a bi-weekly basis. Minimum contribution amount requirement is 2.5%. Your contributions are invested in your choice of any combination of the investment options available through the Plan (see Investment Options for a complete list). Please note: your Plan election and contribution amount is irrevocable.
Under the Plan, the maximum annual contribution amount is set by IRS guidelines on a yearly basis. You may view the current limits here.
Roth after-tax contributions are not available.
One outstanding loan is permitted by the Plan. The loan will be maintained by Voya; the interest rate is the Prime Interest Rate as published in Wall Street Journal (2% adjustment factor). Please note: loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.
The Plan allows for the following distributions: severance of employment, required minimum distribution
- The latest date to which you can defer payments is the April 1st of the year following the year you reach age 70½, or April 1st of the year following the year you retire, whichever is later.
- Take all or a portion of your account balance in cash.
- Your distribution can be rolled over into a 401(a), 401(k), 403(b), other governmental 457 plan, or a traditional IRA, if available and roll-overs are permitted.
- IRS minimum required distributions payable on or after you attain age 70½; and
- Periodic payments made over your life or a specified period of 10 years or more.
Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency