Information regarding the May 2022 Safe Harbor mailing to Inactive Participants, ages 49 and underInactive members of the County of Ventura Safe Harbor Retirement Plan (Safe Harbor), part of the Supplemental Retirement Plan (SRP), are those who once worked for the County of Ventura in an extra-help, part-time, intermittent, or per diem (part-time less than 64 hours/biweek) capacity. An inactive member has not yet received their benefit from Safe Harbor. Recently, the Safe Harbor benefit type was changed from a defined benefit (DB) to a 457 deferred compensation (DC) plan for all future members. This change has been made to provide a more accessible and portable benefit to our members. Due to this recent change, inactive members now have the option to convert 80% of their current accrued defined benefit payable as a direct rollover to a Fidelity SRP 457 DC account. Once the conversion payment is deposited into the Fidelity SRP 457 DC account, inactive members will have immediate access to the fully vested DC account balance. A mailing was sent out to all inactive members under the age of 50 during May 2022. The mailing included specific conversion amounts for each inactive members’ benefit, such as: 1) the estimated amount of your accrued benefit in the Safe Harbor DB plan at age 65, and 2) the value of the converted benefit amount (which is equal to 80% of the present value of your accrued benefit). Inactive members do have the option to opt-out of the 80% conversion to the Fidelity 457 DC account. To opt-out of the 80% conversion, the mailed Conversion Option Election Form needs to be signed and returned to the Safe Harbor office by July 7, 2022. If inactive members do not return the Conversion Option Election Form, then it is considered a passive election to convert their defined benefit value to the Fidelity SRP 457 DC account. A Fidelity SRP 457 DC account will be created for each inactive member who chooses passive election, and the defined benefit will be deposited in the DC account as a pre-tax employee rollover. Please note, if the 80% conversion value is less than the inactive member’s contributions to the Safe Harbor DB plan, then the contributions will be deposited in the Fidelity SRP 457 DC account. Inactive members will receive the greater of the two amounts. As an inactive member, if you decide that the 80% benefit conversion is the best option for you, no action is needed. The conversion will be completed by approximately September 20, 2022. This conversion is an irrevocable election.
Contact Information Safe Harbor phone line (805) 654-2921 |
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.
Upcoming Supplemental Retirement Plan Committee Meeting
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.