Deferred Compensation Plan
Who is the Snohomish County Deferred Compensation plan provider?
Nationwide Retirement Solutions (NACO) is Snohomish County's Deferred Compensation plan provider. Please visit the website to learn more about Snohomish County’s deferred compensation plan or log in to your account. Our representative is Debbie Vichot and she can be reached at (206) 218-9985 or E-mail VICHOTD1@nationwide.com.
What is a 457 Deferred Compensation Plan?
A Deferred Compensation 457 Plan allows employees to save extra money for retirement by setting aside a portion of their salary on a pre-tax basis.
Which employees are eligible for Deferred Compensation match:
What is the annual maximum amounts that can be deferred?
For 2013 the maximum amounts that can be deferred are:
- Regular Deferrals: $17,500
- Age 50 and Over: $23,000 (including Regular Deferrals)
- Special 457 Catch-up: Up to $35,000 (including Regular Deferrals)
- The employer match is included in all of these amounts.
All regular Snohomish County employees working 20 hours or more in a budgeted position, except where indicated below.
The following are NOT eligible for Deferred Compensation match:
- Elected Officials
- Sheriff’s Deputies and Sergeants*
- Sheriff’s Law Enforcement Support*
- Corrections Guild (Corrections Deputies)*
- Corrections Support*
*Other items were negotiated in these contracts in lieu of the employer match for deferred compensation.
How is the match calculated?
There are three different ways that matches are calculated for those that are eligible. They are as follows:
- For Airport Fire Fighters:
Deferred compensation match, dollar for dollar, to 3% of monthly base wage.
- For Sheriff’s Lieutenants and Captains (SOMA):
The Employer shall match twenty percent (20%) of the employee’s contribution to the County’s Deferred Compensation Plan rounded up to the nearest dollar to a maximum match by the County of $105.00 per month.
- For all other eligible employees:
The Employer will contribute fifty cents ($.50) for every dollar ($1.00) contributed by the employee. The employer contribution will not exceed one percent (1%) of the employee’s monthly base wage.
To notify Nationwide of your name change:
1. Mail Nationwide a letter with your account number, old name, new name, address, and telephone number to:
Nationwide Retirement Solutions
P.O. Box 182797
Columbus, OH 43218-2797
2. The letter should inform them of your new name and ask them to update their records.
3. Include a photocopy legally verifying your name change such as, marriage certificate, driver's license, social security card, etc.
4. Nationwide will send you a confirmation letter, or notify you of additional information needed to complete your request.
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