Deferred Compensation

Upcoming Deferred Compensation Committee Meeting

December 9, 2021 2:00pm – Agenda

The County offers eligible employees the ability to save for retirement on a tax-deferred basis through the 401(k) and 457 Plans. Tax-deferred means you don’t pay income taxes on the amount you contribute to the Plans – or earnings on those contributions – until you withdraw those funds after you separate from service. This means that your retirement income can accumulate faster than if you invested it in a regular savings account. In addition to pre-tax contributions, you are also able to make after-tax contributions through the Roth option available in the 457 Plan.

As another incentive to save, the County offers most eligible employees a matching contribution in the 401(k) Plan. This means that if you choose to contribute to the Plan, the County will also make a contribution to your account. If you don’t participate in the Plan, and you’re eligible for the match, you’re essentially throwing away free money.

You may think you can’t afford to participate in the Plans. But, on the other hand, can you afford not to participate? Remember, you can start small – every little bit helps. And, it’s never too late to start.

To find out if you’re eligible to participate in the Plans, find out the amount of your County matching contributions, or request an enrollment guide, contact your department’s personnel representative or the Deferred Compensation Program by e-mailing to deferred.compensation@ventura.org. To enroll in the plan, or to increase your contributions call Fidelity at 800/343-0860 or logon to NetBenefits at http://netbenefits.com/ventura

How does your financial wellness stack up?

The “Retirement Planning 101: What You Need to Know” workshop has gone virtual. Since in-person workshops are currently suspended due to Covid-19, a recorded version is now available to view from the comfort and safety of your own home. Please visit the provided links to view this comprehensive pre-retirement workshop and access the resource materials referenced in the video presentations. We hope you find this information beneficial as you plan for your retirement. Should you have any questions, please feel free to
contact us at Deferred.Compensation@ventura.org.

What is Financial Wellness?

No doubt you are aware how important physical and mental wellness are for your overall health and happiness. But what about your financial wellness? How do you feel about your finances? Take some time to explore your financial wellness so you can feel control over your money management and have peace of mind that you are on the right path.

Fidelity has created a comprehensive education module on Financial Wellness with a variety of tools and resources. You are encouraged to take a look and access the tools that are right for you.

HOPING TO GET ON TRACK FINANCIALLY AND NOT SURE HOW TO GET STARTED?

Take advantage of a workplace savings plan, like a 401(k) or a 403(b). If you are already enrolled, consider contributing 1% more.

JUGGLING MULTIPLE FINANCIAL PRIORITIES AND FEELING STRESSED ABOUT HOW TO TACKLE THEM?

Access online learning resources in the NetBenefits.com Library for more help and ideas to manage your goals.

FEELING CONFIDENT MONEY-WISE, BUT WANT TO KNOW HOW TO DO EVEN BETTER?

Great! Keep going! Try doing one new thing (for example, increase your savings rate or research a new investment vehicle).

Enrollment

Planning and Guidance

Dedicated Fidelity Retirement Planner

Planning Resources

Beneficiaries

Online Beneficiaries

Annual Leave Buydown/Payoff Deferral to 457

Service Credit Purchase

Separating from County Service

401(k) Loans

Hardship and Emergency Withdrawals

Qualified Domestic Relations Order (QDRO)

Plan Oversight

Deferred Compensation Committee

Plan Documents and Amendments

Investment Policy Statement

Investment Policy Statement

457 Special Catch-Up