You can enroll in Deferred Compensation or change your biweekly contribution amount at anytime in Workday.
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.
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.
|OLD RATE||NEW RATE|
|2.65% effective October 1, 2019 through December 31, 2019||2.70% effective January 1, 2020 through March 31, 2020|
|2.70% effective January 1, 2020 through March 31, 2020||2.70% effective April 1, 2020 through June 30, 2020|
|OLD RATE||NEW RATE|
|1.40% effective October 1, 2019 through December 31, 2019||1.45% effective January 1, 2020 through March 31, 2020|
|1.45% effective January 1, 2020 through March 31, 2020||1.45% effective April 1, 2020 through June 30, 2020|
For forms, Plan Information, Education Materials and to view your retirement, please visit San Mateo County's page on the Mass Mutual 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 Mass Mutal representative go to Education Materials»Educational Seminars & Office Hours
What is a Deferred Compensation Plan? See the video at:
Have more questions regarding Deferred Compensation?
Contact Patrick Washington for an appointment or drop-in availability.
at 1-888-593-0259 / 650-421-1359 or email at email@example.com
Contact Mass Mutual 800-743-5274