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Deferred compensation is a voluntary savings plan, which allows you to save pre-tax dollars and invest for your retirement. Federal income taxes are deferred until your assets are withdrawn, usually during retirement when you may be in a lower tax bracket. It is also referred to as "deferred comp".
All regular Thurston County employees and elected officials are eligible to enroll in deferred compensation.
Thurston County offers enrollment in the following three (3) Deferred Compensation 457 Plans: ICMA, MassMutual and Nationwide. You can enroll at any time throughout the year. Enrollment packets containing forms and investment information are available for each plan. To receive a packet, contact Human Resources at 867-2492. You may also e-mail the benefits team at HR_Payroll@co.thurston.wa.us or contact the plan representative listed below.
You may increase, decrease, or suspend your deferral by completing a deferral change form available under the Retirement and Deferred Compensation Forms link. Changes can be submitted to Human Resources at any time throughout the year. The deferral change form must be signed and delivered to Human Resources prior to the 1st day of the month in which the change is to take effect. All changes will be implemented as quickly as administratively possible beginning in the month following your election to change your deferral amount. However, because of payroll timeframes, your deferral change may not occur for up to two payroll periods.
BE SURE TO RETURN ALL COMPLETED FORMS TO HUMAN RESOURCES
Effective January 1, 2018:
In most cases, you may not withdraw funds while you are an active Thurston County employee. In rare instances, funds may be withdrawn for an unforeseeable emergency subject to strict IRS guidelines.
If you suffer a severe financial hardship due to extraordinary and unforeseeable circumstances, you may qualify for an "unforeseeable emergency withdrawal" of your deferred compensation contributions. To receive an application and IRS guidelines, contact Human Resources at 867-2492. You may also e-mail the benefits team at HR_Payroll@co.thurston.wa.us.
If you feel your situation meets the IRS guidelines, follow the instructions on the application and submit all requested documents to Human Resources. Make sure you include your supporting documents. The Thurston County Deferred Compensation Committee will review your request as soon as possible. Every effort will be made to expedite the review process. The information contained in the application shall be treated confidentially and shall be used only to consider your request.
There is a wide array of investment options with each plan. You may contact the representatives or visit the web sites for more information concerning enrollment and investments.
Bill CookBill.Cook@valic.comPhone:866-283-3892 for Appointments800-892-5558 x 88825Mass Mutual website
Jacob McMillenmcmilj@nationwide.comPhone: 360-451-6963888-401-5272 Retirement LineNationwide website