Upcoming Supplemental Retirement Plan Committee Meeting
- TBD
Supplemental Retirement Plan- Defined Benefit (DB) Plan
The County of Ventura Safe Harbor Retirement Plan (Plan), part of the Supplemental Retirement Plan (SRP), is a Social Security Alternative plan that was implemented on January 1, 1992. The Plan was created in compliance with the Omnibus Reconciliation Act of 1990 (OBRA ’90) to provide eligible employees with an additional source of income upon retirement.
You are a required to participate in the Plan if you are designated as an extra-help, intermittent, or part-time employee , you are not eligible to participate in the Ventura County Employee’s Retirement Association (VCERA), and you are not paying Social Security taxes. 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 were employed on or before April 17, 2021 you are participating in a defined benefit (DB) plan. While eligible for the Plan, you will be required to contribute 3% of your pay beginning with your first pay period of eligible employment. The County also contributes to the plan. The employer contribution is actuarially determined and fluctuates annually. Employee and employer contributions are deposited to the Plan’s trust to fund future benefits. 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 described in the “Retirement Eligibility” section of the Summary Plan Description (SPD) available on this webpage.
If you worked as Extra-Help, Intermittent, or Part-Time for the County beginning in 1992 you would have been a participant in the Safe Harbor Retirement Plan.
Upcoming Supplemental Retirement Plan Committee Meeting
- TBD
Supplemental Retirement Plan - 457 Deferred Compensation (DC) Plan
The County of Ventura Safe Harbor Retirement Plan, part of the Supplemental Retirement Plan (SRP), is a Social Security Alternative plan that was implemented on January 1, 1992. The Plan was created in compliance with the Omnibus Reconciliation Act of 1990 (OBRA ’90) to provide eligible employees with an additional source of income upon retirement.
You are a required to participate in the Plan if you are designated as an extra-help, intermittent, or part-time employee , you are not eligible to participate in the Ventura County Employee’s Retirement Association (VCERA), and you are not paying Social Security taxes. Reserve firefighters and those persons who are already receiving a pension benefit from the County of Ventura are excluded from participation in this Plan.
In order to provide a more accessible and portable benefit to our participants, 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. Employees hired as of this date that are required to participate in Safe Harbor, except for those represented by CJAAVC, will be placed in the new DC plan. CJAAVC employees are excluded from this change and will remain in the current DB plan (please see hired before April 17, 2021 for more information on your DB benefit). You will automatically be enrolled in the DC plan at a mandatory 4.50% pre-tax contribution rate. You will also receive an employer contribution of 3.00%.
The Plan highlights flyer will provide you with an overview of the DC plan. As part of your participation in the Plan, you also have access to Fidelity Retirement Planners to address any questions you may have.
To schedule a complementary appointment with a Fidelity representative, visit www.fidelity.com/reserve or call 800-642-7131.
It is also very important to designate a beneficiary for your account. To do so:
- Log on to www.netbenefits.com.
- Select Profile, then Beneficiaries
- Follow the steps to designate your beneficiary online.