Multnomah County offers a Deferred Compensation Plan (Deferred Comp), one of the most valuable employee benefits. Under Deferred Comp, the portion of your current income, that you direct to the plan, is not taxed until withdrawn, usually when you retire, and then possibly at a lower tax rate (because you would no longer be a wage earner).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 comp 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 from our provider, 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.Approved Provider
Voya Financial is the approved provider for Multnomah County's Deferred Compensation Plan. Here are names, emails and phone numbers of representatives that can assist you with planning for your retirement are available
Voya Financial may charge fees for handling your deferred compensation account and will provide a full disclosure of all fees upon enrollment or by request.Getting Started
Contact Voya, develop a plan and set up an account.
The paycheck date you select will determine when deductions will begin. You will have a choice of using a percentage minimum of 1% or a flat amount (at an equivalent to what 1% would be) to be deducted every payday. The advantage to a percentage is that any pay increases are automatically in the calculation (this does not cover retro pay). 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 Multnomah County receives your information from Voya, deductions will be set up as you requested. Deductions begin at the start of a pay period.
- Changes to your Voya account are limited to 6 times a year and need to be made online or by calling Voya's Customer Service Center at 1-800-584-6001.