Employee Benefits - 457 Deferred Compensation and 401a (prior plan was held at PARS)
Welcome to the 457 Deferred Compensation Plan and 401a web page. Full-time employees have the choice to enroll in the 457 Deferred Compensation Plan and may make changes anytime throughout the plan year.
Full-time Management and Confidential Classifications are automatically enrolled in the 457 Deferred Compensation upon employment.
Eligible part-time employees are automatically enrolled with the 401a plan in lieu of Social Security.
Deferred Compensation 457 Plan
For 2020 employees may contribute pre-tax dollars up to $19,500 per plan year with an additional amount of $6,500 for employees age 50 and over. There is also a special pre-retirement catch-up plan for which you must contact Nationwide for details.
If you wish to enroll in the 457 Deferred Compensation plan, download and complete the Enrollment Form. Email, fax, or mail your completed form to Nationwide as indicated on the second page of the enrollment form .
You can change your bi-weekly contributions at any time throughout the year. Log into your account at Deferred Compensation web site. If you have questions call Nationwide customer service at 877-677-3678.
Withdrawal of your funds is allowed only at termination/retirement of County employment or if a Hardship Withdrawal is requested and approved. *Taxes will be due upon the withdrawal of funds.
Log into your account at Deferred Compensation web site or contact Nationwide if you want to withdrawal or rollover your funds. 877- 677- 3678
Nationwide offers a 457 Deferred Compensation Loan Program. Log into your account at Deferred Compensation web site or contact Nationwide for details 877-677-3678.
- Deferred Comp Enrollment Form
- 457(b) EZ Enrollment Form
- Beneficiary Form
- QDRO- Qualified Domestic Relations Order Information
- Fee Disclosure Statement
401a Plans (formerly held at PARS)
Stanislaus County provides a 401a Plan 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 401a Plan 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 401a 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 401a funds. Once this 60 day waiting period has past, the County will notify Nationwide.
- 401a Government Pension Offset Info
- 401a SSA-1945 Cover Letter
- 401a SSA-1945 Notification
- 401a Windfall Eliminate Provision Info
- BBeneficiary Form