SRP 457 DC Plan
In order to provide a more accessible and portable benefit to our members, the Safe Harbor Retirement Plan benefit type was changed from a defined benefit (DB) plan to a 457 deferred compensation (DC) plan for new hires beginning April 18, 2021.
If you were participating in Safe Harbor as of April 17, 2021, and were actively contributing to the DB plan, you were given the option to change your benefit type to the SRP 457 DC plan as per a June 2021 mailing to your home address. To opt-out of the conversion, the election form provided in the mailing had to be returned to the Safe Harbor office by August 16, 2021. If the opt-out form was not received by this deadline, you were converted to the SRP 457 plan.
If you chose to join the new SRP 457 plan, your paycheck contributions to this plan were initiated as of September 5, 2021. Now that you are participating in the SRP 457 DC plan you have the option to convert 80% of your current accrued defined benefit to the SRP 457 DC plan. A mailing was sent to your home address in September 2021 that included conversion information and provided an estimated value of your future Safe Harbor benefit at age 65, and the value of the 80% benefit conversion that you may elect to receive now in lieu of the future defined benefit.
By electing the conversion option, this amount will be transferred to your SRP 457 DC account and will be yours upon separation from County employment. Please note, if your contributions to the Safe Harbor plan were more than the 80% conversion value, a refund of your contributions will be transferred to your SRP 457 DC account. If the 80% benefit conversion is the best option for you, no action is needed on your part. The conversion will be completed during the first quarter of 2022. If you separate from County employment in the interim, the conversion will still be completed, and you will be notified when your conversion posts to your SRP 457 DC account.
You also have the option to freeze your Safe Harbor benefit and collect it once you have separated from County employment and are at least 50 years old, which qualifies you for an early/reduced retirement benefit, or at age 65 to receive the maximum retirement benefit. If you choose to freeze your Safe Harbor benefit for collection at an eligible time, you must complete and submit the Conversion Option Election form that you received in the mail and return it by November 10, 2021. If your Conversion Option Election form is not received by this date, your benefit will be converted and transferred to your SRP 457 DC plan.
For more information regarding this change or to request a replacement Conversion Option Election form, please contact the Safe Harbor Program by phone at 805-654-2921, or email safe.harbor@ventura.org with your questions.