Human Resources

Benefits - Deferred Compensation

  • Where can I get more information and education on saving for my retirement?

    Contact a MassMutual Account Representative at 949-204-9180 or 775-224-3413. You can also set up a personal account on MassMutual’s retiresmart.com website. Here you will be able to view information on your investments and have access to educational tools.  

  • What are the responsibilities of the Deferred Compensation Committee?

    The Deferred Compensation Committee 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.
  • What is the authority of the Washoe County Deferred Compensation Committee?

    In accordance with NRS 287.440, the Board of County Commissioners established a Washoe County Deferred Compensation Committee in 1979 to administer the 457 plan. The powers of the Deferred Compensation Committee as established by NRS and conferred upon the Committee as approved by the Board include collecting deferred compensation, transmitting to depositories within the State, payment of deferred compensation to participants and contracting with a private entity for services necessary to the administration of the plan.
  • Who is on the Deferred Compensation Committee and who do they represent?

    On May 13, 2003, the Board of County Commissioners approved the current resolution regarding the Committee on Deferred Compensation Programs offered to Washoe County Employees under 26 U.S.C. § 401(a) and § 457. This resolution defines the six (6) voting members of the Committee and the group from which they are appointed, including who makes the appointment. Current Committee Members are as follows:

    • Two (2) members are appointed by the WCEA Executive Board

            Darrell Craig, Committee Chairman

            Scottie Wallace, Committee Member

    • One (1) member is appointed by the County Manager from the confidential/exempt/ management groups of employees

           Cathy Hill, County Comptroller, Committee Secretary/Treasurer

    • One (1) member is appointed by the President of the Washoe County Sheriff’s Deputies Association, such appointment to be from that Association or the Washoe County Sheriff’s Supervisory Deputies Association

            Scott Thomas, Committee Vice-Chairman

    • One (1) member is appointed by the Chief Administrative Judge of the Second Judicial District Court from the Judicial/Probation/Other Court or District Attorney groups

            Kendra Materraso, Committee Member

  • What are the enrollment periods for the 457 and 401(a) plans?

    Enrollment periods are established by Federal Internal Revenue Service (IRS) Codes. For the 457 plan, eligible employees can enroll at any time. For the 401(a) plan, employees are eligible to participate after one (1) year of employment with the County and then have a 90 day window in which to enroll. After the 90 day period ends, the employee is not eligible to enroll in the 401(a) plan for the remainder of his/her employment with Washoe
    County.
  • Can I take a loan from my 457 or my 401(a) plan?

    Participants are eligible to take loans from the deferred compensation plans. The minimum loan amount is $1,000 and the minimum loan term is 12 months. For more information contact MassMutual at 800-743-5274 or you can apply for a loan online at www.retiresmart.com        

  • What is the minimum contribution required for participation in the plans?

    Participants in the 457 Plan can start your retirement savings with as little as $10 per pay period, so starting sooner rather than later is easy.  You can start or stop your contributions to the 457 at any time. Participants electing to participate in the 401(a) Plan may select a minimum contribution amount of 2.5%. 401(a) enrollment and contribution elections are irrevocable.

  • Why does Washoe County have only one provider for the Deferred Compensation plans?

    The Committee has conducted record-keeper and administrator searches in 2005, 2010 and 2015. During these search projects the Committee has not found any compelling evidence that there are any advantages for our employees in adding a second provider. A single provider also minimizes confusion for plan participants and creates pricing advantages due to the economies of scale that are created.
  • How is the performance of the offered investment options evaluated?

    The Committee adopted a written Statement of Investment Policies and Guidelines at their August 12, 2004 meeting. This Statement establishes criteria for funds offered within the 457 and 401(a) plans as well as the criteria for eliminating investment options. The policy is reviewed annually and assists in meeting the fiduciary responsibility of the Committee to act in the best interest of all plan participants. As stated in the guidelines, “the Committee will evaluate fund performance at least annually. Performance results will be evaluated using comparisons with the guidelines, pertinent market indices and appropriate peer groups of managers. When necessary, fund performance will be reviewed more frequently.” Evaluation is focused on long-term performance, though interim qualitative factors may influence a decision to add or remove a fund.
  • What are the participation rates for the 457 and 401(a) plans?

    Both the 457 and 401(a) plans are voluntary retirement plans that employees may utilize. Neither plan offers a matching contribution which means each plan is funded solely from employee contributions. The 457 plan has maintained a strong participation rate of nearly 70% for several years. The 401(a) plan is a supplemental plan and is an irrevocable enrollment which make it appealing for a smaller number of employees.
  • Can I purchase PERS service credits with my 457 or 401(a) dollars?

    Participants in the 457 plan may elect to have any portion of their account balance transferred to a defined benefit governmental plan (PERS) at any time during their employment. However, 401(a) dollars cannot be used to purchase service credits while still actively employed. For more information on purchasing “time” go to the PERS website at www.nvpers.org and contact MassMutual at 800-743-5274 to request the form to transfer the funds.
  • What is a Roth 457 plan?

    The Roth Provision was added to the 457 Deferred Compensation program 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. Unlike traditional before-tax contributions, the Roth feature lets you save and invest with after-tax dollars. Because Roth contributions have already been taxed, Roth contributions and earnings can grow tax free.
Call 311 to find resources, ask questions, and utilize Washoe County services. Learn More »
Call 311 to find resources, ask questions, and utilize Washoe County services. Learn More »