Deferred Compensation permits full-time and permanent part-time employees (working 20 or more hours per week), on a voluntary basis, to authorize a portion of salary to be withheld and invested for payment at a later date upon termination or retirement. You have two enrollment options, the Traditional 457 Plan and the Roth 457 Plan. Employees may enroll at any time during the year.
You may contribute on a pre-tax basis or Roth after-tax basis, not to exceed IRS annual contribution limits.
Under the Traditional 457 Plan neither the deferred amount nor earnings on the investments are subject to current federal or state income taxes. Taxes become payable when deferred income plus earnings are distributed, presumably during retirement when you are in a lower income tax bracket.
The Roth 457 Plan option provides an alternative to pre-tax investing. Roth contributions are considered “after-tax,” which means taxes are withheld when you contribute. However, qualified distributions on your contributions plus any earnings are completely tax-free. For example, if you contribute $100, the entire $100 comes out of your net pay, but when you make eligible withdrawals from your account, the entire amount plus any earnings are entirely tax-free.
*How to enroll or change your contribution: QRC Deferred Comp Change
*You can enroll in Deferred Compensation or change your biweekly contribution amount at anytime. Contributions will be deducted automatically from your paycheck.
To view or manage your account online, log on to empower.com/sanmateocounty
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401(a) Money Purchase Plans |
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OBRA Plans |
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For forms, plan information, education materials and to view your retirement, please visit San Mateo County's page on the Empower website:
- View Plan Information
- View updated contribution limits go to Education Materials » Contribute to the Max
- Attend a seminar or schedule an appointment with a Empower representative go to Education Materials » Educational Seminars & Office Hours
Have more questions regarding Deferred Compensation?
Schedule a virtual or in-person appointment with an Empower Representative
Contact Empower 833-SMD-PLAN (763-7526)
Quarterly Participant Newsletter
Deferred Comp Participant Newsletter 2023 Q3
Deferred Comp Participant Newsletter 2023 Q2
Deferred Comp Participant Newsletter 2023 Q1
Deferred Comp Participant Newsletter 2022 Q4
Deferred Comp Participant Newsletter 2022 Q3
Deferred Comp Participant Newsletter 2022 Q2
Deferred Comp Participant Newsletter 2022 Q1
News Articles from Empower
SECURE 2.0 raises the Required Minimum Distributions (RMD) Age (June 2023)
Does tax time take a bite out of your earnings? (May 2023)
Do you know how your Money is Invested? (March 2023)
Who is your Valentine? (February 2023)
How much will you get from Social Security? (January 2023)
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Deferred Compensation Governance Committee |
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| Committee documentation, meeting schedule, agendas, minutes, and audio recordings can be found at https://www.smcgov.org/hr/deferred-compensation-governance |