Deferred Compensation Changes Due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act
The County of Sonoma is committed to supporting its employees during the COVID-19 pandemic emergency. The information at the link below covers changes to the County's Deferred Compensation Program as a result of the recent passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act contains 3 provisions that modify the County's Deferred Compensation Plans (457/COBRA - Extra Help Plan). These plans are administered by Nationwide. The new provisions are intended to give participating employees additional flexibility, including expanded access to loans, to assist them in the event that they are directly affected by COVID-19 as defined by the CARES Act.
Please note: For participants that want to take out a loan but may not qualify under the CARES Act, the County plan already allows for loans of up to $50,000 or up to 50% of your balance, whichever is less.
Details about the new provisions can be found at: http://sonomacounty.ca.gov/ACTTC/Investment-and-Debt/Deferred-Compensation/#cares
For questions about the new provisions and how to access them or your existing account, please call Nationwide at (866) 242-5048.