Planning for your Retirement. It's never too soon to start preparing and planning for your retirement. Washoe County offers several different options for you to consider for your retirement plan.
- History of the Retiree Health Benefits Program at Washoe County.
- Retiring soon? To assist you on navigating the retirement process, we have prepared a Retiree Checklist.
The Public Employees' Retirement System of Nevada (PERS) is a tax-qualified defined benefit plan created by the Legislature as an independent public agency to provide a reasonable base income to qualified employees who have been employed by a public employer and whose earning capacity has been removed or has been substantially reduced by age or disability. It was also created to make government employment attractive to qualified employees and to encourage them to remain in government service for such periods of time as to give employers and the people of the state the full benefit of the training and experience gained by the employees while employed in public service.
The PERS website offers answers to many questions employees may have about the benefits offered by this plan, as well as retirement benefit calculators. Employees may log into the website to check the value of their PERS benefits, learn more about purchasing service, and much more.
PERS offers the following informational programs on a recurring basis in Carson City and Las Vegas to assist members in their pre-retirement planning.
- PLANNING AHEAD FOR YOUR PERS RETIREMENT - Designed for all current public employees, both newly hired and those who want to learn more about PERS benefits. Discussions include how retirement benefits are calculated, disability benefits, survivor benefits, purchasing service credit and more.
- RETIRE PROGRAM - Designed for all public employees considering retirement within the next three years. Discussions include what to expect when you retire, how and when to file your retirement application and more.
If you are unable to attend an informational program, PERS offers audio programs on their website that provide information related to all aspects of the system. The audio programs are located on the PERS website home page under “Quick Links.”
Reservations are required to attend an in-house program, and can be made by calling Carson City (775) 687-4200 ext. 1; Las Vegas (702) 486-3900 ext. 1; or toll free 1-866-473-7768 ext. 1. Exact locations, dates and times can be found at PERS under the “Informational Programs” link.
In an effort to help employees better understand the benefits provided by PERS, Washoe County provides several opportunities throughout the year for employees to learn more about PERS and the role it plays in retirement planning. For more information on these opportunities, please refer to Benefits Education Opportunities on the Continuing Education webpage or visit the Learning Center on the Washoe County Intranet.
Related Online Resources
PERS -2015 Annual Member Statement - Creating Your Online Account Instructions - to view your annual statements
Washoe County's Deferred Compensation Program is managed by MassMutual. Washoe County offers employees several options for making pre-tax contributions to retirement savings accounts.
457 Deferred Compensation Plan
The 457 Deferred Compensation Plan is available to all full-time employees immediately upon employment. Employees may enroll and change their contribution elections in this plan at any time by contacting MassMutual's Customer Service Center at 1-800-743-5274 or the local MassMutual Representative, Tom Verducci at 775-384-7981. You may also log into MassMutual online at retiresmart.com.
The 457 Deferred Compensation Plan added a Roth provision in May 2011. This feature enables you to contribute after-tax money from your paycheck to your 457 retirement plan account. The ROTH option offers alternative tax benefits. Because ROTH contributions have already been taxed, those contributions and earnings can grow tax free. To learn more about the Deferred Compensation Plan options, please contact the local MassMutual Representative, Tom Verducci at 775-384-7981.
The 401(a) Plan is available to employees after one (1) year of employment with the County. Upon reaching their one year anniversary, employees have 90 days in which to enroll in this plan. This is the only opportunity an employee has to enroll in this plan. There is no annual enrollment. Employees enrolling in the 401(a) select a percentage of their pay to be deposited, pre-tax, into the plan. Once an election is made to participate in the 401(a) it cannot be changed or stopped.
The primary purpose of this plan is to provide a retirement plan alternative to Social Security for all part-time, seasonal and temporary employees as set forth in the Omnibus Budget Reconciliation Act of 1990 ("OBRA"). This plan permits part-time, seasonal and temporary employees of Washoe County to defer a portion of their compensation to this savings plan so long as their employment status is active. Washoe County will automatically deduct 7.5% of these employees' gross salary and contribute it to the OBRA plan in lieu of Social Security coverage.
If you are a participant in one of the Deferred Compensation Plans and would like additional information, please contact MassMutual's Customer Service Center at 800-743-5274 or the local MassMutual Representative, Tom Verducci at 775-384-7981. You may also log into MassMutual online at retiresmart.com to check your account balance, update account information, change investment elections, etc. Participants may also update their beneficiary designations at any time.
The benefit information provided is subject to change. If there are any conflicts of benefit descriptions at any time, the plan document for that benefit will prevail.
Deferred Compensation Committee - In accordance with NRS 287.440, the Board of County Commissioners established a Washoe County Deferred Compensation Committee (DCC) in 1979 to administer and provide oversight to the County’s deferred compensation plans. The Deferred Compensation Committee is comprised of members from collective bargaining units and has a fiduciary responsibility to act in the best interests of participants with respect to plan administrators, fund offerings, account management, plan review for compliance, best practices and competitiveness and is responsible for plan revisions and other necessary actions to meet those responsibilities.
The DCC meets on the second Wednesday of every February, May, August and November at 2:00 p.m.in the Washoe County Human Resources Conference Room located at 1001 E. Ninth Street, Building A, Room A210, Reno NV 89512, unless otherwise posted.
Washoe County employees do not contribute to, or earn credits for, Social Security benefits, nor does Washoe County make contributions to Social Security for its employees. However, as a County employee, your Social Security benefits may be affected because you receive a PERS pension. The Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) are the two Federal Government regulations that may reduce your Social Security benefit.
To learn more about Social Security benefits, please contact the Social Security Administration toll-free at 800-772-1213 or visit the SSA website.