Employee Benefit: Deferred Compensation

Employees shall have the option of deferring a portion of their compensation for the purpose of building retirement security in a tax-sheltered investment plan in accordance with Iowa Code Section 509A and Section 457 of the Internal Revenue Code.

An employee may select any Deferred Compensation Plan Provider from the County's approved list for payroll deduction. There is no waiting period, employees may sign up as soon as employment begins.

Matching Contribution:

For non-represented employees, the County will match their contribution at $.50 for each dollar the employee contributes during that calendar year, up to a maximum of $500.00. Bargaining Unit employees should consult their agreements.

The matching contribution will be paid in the second paycheck in January of the following calendar year or upon termination of employment, whichever occurs first. The employee is responsible for monitoring and not exceeding the maximum allowable annual contribution in accordance with Section 457 of the Internal Revenue Code.

Enrollment:

Information regarding payroll deduction for deferred compensation and selection of Providers, distribution, change or designation of beneficiaries is available through the Human Resources. The County does not solicit, nor endorse any Deferred Compensation Plan Provider.

Approved Plan:

The following plan is approved for County employees to participate in.

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ICMA-RC and 457 plan information