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.
Eligibility
All full-time Washoe County employees are eligible to immediately participate in the Deferred Compensation Plan.
Contributions
Washoe County will reduce your paycheck by the amount you specify and forward it to Voya on a bi-weekly basis. The minimum contribution amount is 1% or $10.00. 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).
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 available. To learn more about Roth contributions and if they’re appropriate for your retirement saving strategy, visit the Guide to contribution options in employer retirement plans.
Loans
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.
Permitted Distribution
The Plan allows for the following distributions: severance of employment, unforeseeable emergency, required minimum distribution.
Payment Options
When you are eligible to receive a distribution under the Plan, you have a variety of payout options. These payout options include:
Systematic withdrawal of your account
Annuity options
Deferral of all or a portion of your benefits to a later date
- The latest date to which you can defer payments is the April 1st of the year following the year you reach age 73, or April 1st of the year following the year you retire, whichever is later.
Lump sum or partial lump sum distribution in combination with other options
- Take all or a portion of your account balance in cash.
Rollover into Another Eligible Plan
- 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.
All distributions are eligible for rollover except for:
- An unforeseeable emergency withdrawal;
- IRS minimum required distributions payable on or after you attain age 73; and
- Periodic payments made over your life or a specified period of 10 years or more.