Salary Resolution No. 95-0926 Revised December 2018 Section 13: Deferred Compensation
Amended 3/19/13; 7/22/14; 6/14/16
What’s on this Page
- 13.1 Incentive Retirement Savings Plan
- 13.2 Deferred Compensation – Voluntary Plan
- 13.3 PST / 457 Deferred Compensation Retirement Plan
13.1 Incentive Retirement Savings Plan
(Amended 7/22/14, 6/14/16)
Effective with the pay period beginning July 5, 2016, the County shall deposit the following percentage of an employee’s bi-weekly base salary into the 401(a) account of each Unrepresented Administrative Management employee, Department Head, each Unrepresented Confidential employee, and each Unrepresented employee.
(Extra Help employees are not eligible for County contributions under this program; see PST / 457 Section 13.4)
|Other Unrepresented Employee||1.0%||1.0%|
* Reflects amount of county bi-weekly contribution to 401(a) plan of 1% or 3% of employee’s bi-weekly base salary.
** County match made bi-weekly to a 401(a) plan based on an employee’s bi-weekly contribution to a County deferred compensation plan, not to exceed 1% of bi-weekly base salary in addition to the foundation contribution listed above.
In order to receive such County contributions, each employee must be in pay status for at least fifty percent (50%) of the employee's regular work schedule in a pay period.
Nothing herein renders the County liable to any employee for continuance of the current deferred compensation plan in the event of a discontinuance of Internal Revenue Service or Franchise Tax Board approval of any County deferred compensation plan or portion thereof or the employee becoming ineligible to participate in the deferred compensation plan.
Any employee, Board member, or Elected Department Head who continues to receive County contributions under any prior deferred compensation plan will not be eligible for County contributions to the Incentive Retirement Savings Plan.
County paid contributions under this Subsection 13.1 (Incentive Retirement Savings Plan) shall not be included in the calculations of retirement.
The provisions of this program are subject to Federal and State law and will be modified to comply with any legislative changes including any contribution limits as required by the Public Employees Pension Reform Act.
13.2 Deferred Compensation – Voluntary Plan
The County will maintain a voluntary deferred compensation plan for all employees eligible under Federal law and the rules of the deferred compensation plan.
13.3 PST / 457 Deferred Compensation Retirement Plan
Part-time (less than 0.50 FTE) and extra-help employees who are hired on or after October 1, 1991, shall participate in the PST / 457 Deferred Compensation Retirement Plan authorized by Internal Revenue Code Section 457 in lieu of Social Security. The County shall contribute to the employee's PST / 457 deferred compensation account according to the following schedule:
The Sonoma County Water Agency employees are not included in the PST / 457 Deferred Compensation Plan as they are presently covered by Social Security.