Upcoming Supplemental Retirement Plan Committee Meeting

• July 8, 2020, 2:00 p.m. – Agenda

The County of Ventura Safe Harbor Retirement Plan, part of the Supplemental Retirement Plan (SRP), is a defined benefit pension plan implemented effective January 1, 1992. The purpose of the Plan is to provide eligible employees with an additional source of income upon retirement, in compliance with the Omnibus Reconciliation Act of 1990 (OBRA ’90). If you worked as Extra-Help or Part-Time for the County beginning in 1992 you would have been a participant in the Safe Harbor Retirement Plan.

You are required to participate in the Plan if you are designated as an extra-help, intermittent, or part-time employee whom the County is not covering under another retirement system, and for whom the County is not paying Social Security taxes. While eligible for the Plan, you will be required to contribute 3% of your pay to the Plan beginning with your first pay period of eligible employment. The County will contribute to the Plan as necessary to fund future benefits. Reserve firefighters and those persons who are already receiving a pension benefit from the County of Ventura are excluded from participation in this Plan.

If you are an ineligible employee and later become eligible to participate in the Plan, you will begin to participate on the date your first become eligible. If you are an eligible employee and later become ineligible to participate in the Plan, no further contributions will be required on your behalf. Contributions cannot be transferred to another retirement system and are not refunded to you when you terminate service with the County of Ventura. Your contributions will remain in the Plan until you are eligible for a retirement benefit as described in the “Retirement Eligibility” section of the Summary Plan Description (SPD) available on this webpage.