Deferred Compensation Makes It Easy to Look Ahead
Have you taken control of your retirement plans yet? Trusting a pension and possibly Social Security may not be enough. It's never too late to start saving for retirement, but many of us end up wishing we had started sooner. View this quick presentation to find out how easy it is to start saving today.
Tax Deferred Retirement Savings
Multnomah County offers a Deferred Compensation Plan, one of the most valuable employee benefits. Under a Deferred Compensation Plan, the portion of your income that you direct to the plan is not taxed until withdrawn, usually when you retire, and then possibly at a lower tax rate (because you would no longer be a wage earner). Interest is also tax deferred. You have a choice of payout amounts and schedules to fit your needs at that time.
The sole purpose of deferred compensation is to assist employees in saving for retirement. Think of rolling other 401(k) or IRA's into your 457(b) plan for consolidation of your assets for easier management.
Provider Performance Standards
To ensure quality customer service with the providers, we have established performance standards Deferred Compensation Plan - Performance Standards (51.89 KB). If at anytime these standards are not met, please contact the Deferred Compensation Office at firstname.lastname@example.org so that we can follow up.
Voya Financial Services and Advantis Credit Union are the approved providers for Multnomah County's Deferred Compensation Plan. Names and Phone numbers of representatives that can assist you with planning for your retirement are available here.
Providers may charge fees for handling your deferred compensation account and will provide a full disclosure of all fees upon enrollment or by request
Contact one or more provider, develop a plan and set up an account. The providers can assist with getting you started.
- The paycheck date you select will determine when deductions will begin. You will have a choice of using a percentage or a flat amount to be deducted every payday. The advantage to a percentage is that any pay increases are automatically in the calculation. The advantage to a set dollar amount is having the same amount deducted every check and/or having a goal to reach by the end of the calendar year and dividing it by the number of remaining paychecks in the year.
- Once the information is received by Multnomah County Payroll, deductions will be set up as defined in the paperwork. Deductions begin at the start of a pay period.
- Changes to your Voya account can be made online or calling their service center. Advantis participants use an Update Form Update (25.42 KB) to make changes (limited to 6 times a year).