Deferred Compensation

• Beginning January 1, 2009, the annual limits will increase and employees may contribute pre-tax dollars up to $16,500 per plan year with an additional amount of $5,500 for employees age 50 and over.   There is also a Pre-retirement catch-up plan with a maximum contribution of $33,000 per plan year.  Contact your plan provider for details.
    
• Withdrawal of funds allowed only at termination of County employment or if a Hardship withdrawal is requested and approved.  *Taxes will be due upon withdrawal of funds.
  
• If you want an appointment or to attend a quarterly meeting with a Hartford Representative, click here to download the Hartford Flier for the current dates and locations. 

**The Hartford now offers a 457 Deferred Compensation Loan Program.  Click here to download the Hartford Loan Packet (PDF format) for the application and procedure.

PARS

• Stanislaus County provides the Public Agency Retirement System for eligible part time
  employees.
   
• A federal law, the Omnibus Budget Reconciliation Act of 1990 (OBRA 90), requires that governmental employees who are not members of their employer's existing retirement system, be covered under Social Security or an alternate plan. The PARS Alternate Retirement System (PARS-ARS) satisfies federal requirements and provides cost savings to you and your employer when compared to Social Security. The PARS plan only requires a minimum contribution of 7.5% to your retirement account.
  
  
• As a part-time County employee, you will be automatically enrolled into the PARS Alternate Retirement System. However, there are some employees who are exempt from coverage.
  
  • A part-time employee who is a member of another retirement system.
  • Rehired retirees who return to work for the same employer in a position covered by the same retirement system they retired under.
  • A part-time employee that is hired at age 60 or over.
    
    
• To access the Plan Summary, forms and distribution information, go to the Employee Benefits Forms page.

IMPORTANT ANNOUNCEMENT!

To all employees participating in the Public Agency Retirement System (PARS)

The PARS Agency Annual Statement provides information about the PARS assets of employees of your particular employer as a whole.

Information about your particular PARS Participant account is available in the Annual Participant Account Valuation Report.

These reports are available at the location listed below:

Location:

Stanislaus County CEO-Risk Management Division
1010 10th Street Suite 5900
Modesto, CA 95354
209-525-5717