Employee Benefits - Deferred Compensation and PARS
Welcome to the 457 Deferred Compensation Plan and PARS web page. Full-time employees have the choice to enroll in the 457 Deferred Comp Plan and may make changes anytime throughout the plan year.
Eligible part-time employees are automatically enrolled with PARS in lieu of Social Security.
Deferred Compensation 457 Plan
For 2017 Employees may contribute pre-tax dollars up to $18,000 per plan year with an additional amount of $6,000 for employees age 50 and over. There is also a pre-retirement catch-up plan. Contact Mass Mutual for details.
If you want to enroll in the 457 plan, download the Enrollment Packet and complete the included enrollment and beneficiary designation forms. Fax or email the completed forms directly to Employee Benefits for processing.
You can change your bi-weekly contributions at anytime throughout the year. Just log in to PeopleSoft Self Service to make the change. Click on this Deferred Comp Self Service Tutorial for instructions.
Withdrawal of your funds is allowed only at termination/retirement of County employment or if a Hardship withdrawal is required and approved. *Taxes will be due upon withdrawal of funds. Contact Mass Mutual if you want to withdraw or rollover your funds.
Contact Mass Mutual (formerly The Hartford) if you want to withdraw or rollover your funds.
If you want an appointment or to attend a quarterly meeting with a Mass Mutual Representative, click here to download the Quarterly Meeting and Presentation Flier for the current dates, locations and contact information.
Mass Mutual offers a 457 Deferred Compensation Loan Program. Click here to download the Loan Packet for the application and instructions. Please contact Mass Mutual to apply for a loan.
Mass Mutual - 800-528-9009
Office: (209) 525-5717
Fax: (209) 525-5779
Stanislaus County provides the Public Agency Retirement System for eligible part time employees.
AA 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 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.
- Rehired retirees who return to work for the same employer in a position covered by the same retirement system they retired under.
When you leave County employment, there is a 60 day waiting period to withdraw or transfer your PARS funds. Once this 60 day waiting period has past, the County will notify PARS of your termination. At that time PARS will send you a distribution packet with your options.
Public Agency Retirement System - 800-540-6369