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 a current Safe Harbor participant as of April 17, 2021, and are actively contributing to the DB plan, you have the option of changing your benefit type to the 457 DC plan. Recently, you received a mailing advising you of your option to opt-in to the DC plan at your current contribution amount of 3.00%. Participants in the DC plan will also receive an employer contribution of 4.50% deposited into your individual 457 account. For more information on the plan features for both the DB plan and the DC plan review the Supplemental Retirement Plan (SRP) comparison provided below. No action is needed if you are electing to opt-in to the 457. You will automatically be enrolled in the new DC plan as of September 5, 2021.
Alternatively, you can choose to continue your membership in the DB plan and receive your benefit once you meet the eligibility requirements (separated from County service and at least age 50 to be eligible for an early (reduced) benefit, or age 65 to receive the full (maximum) retirement benefit). If you wish to remain in the current DB plan you must complete the provided opt out form and return it by August 16, 2021. If your opt out form is not received by this date your benefit will automatically convert to the DC plan. This is an irrevocable election.