OBRA Plan Overview
Washoe County will automatically deduct 7.5% of gross salary and forward it to Voya on a bi-weekly basis. Contributions are invested in the Voya Fixed Account.
Roth after-tax contributions are not available
Loans are not permitted in the Plan.
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