September 9, 2011
County Offers New Deferred Compensation Option
In December 2010, the Human Resources Department launched a Request for Information (RFI) to consider our 457 plan options. Eleven companies responded to the RFI and were thoroughly evaluated by staff. Based on this evaluation, we will be providing County employees with a new opportunity to participate in the NC 457 Plan, administered by Prudential Retirement, while also maintaining the current 457 Plan administered by ICMA-RC. We also will continue to offer the current NC 401(k) plan.
The NC 457 Plan offers a unique “Transfer Benefit” distribution option that allows employees to move funds at or after retirement to the NC Local Government Employees Retirement System (LGERS), which will generate an additional, guaranteed lifetime monthly retirement benefit. Additionally, the NC 457 Plan offers portability for employees who stay in NC public employment. Plan members may continue their contributions to the Plan if they move to another position with the State or with another NC local government agency that offers the Plan. As with the Local Government Employees Retirement System (LGERS) and the NC 401(k) Plan, investment oversight is provided by the NC Department of State Treasurer and the Supplemental Plans’ Board of Trustees.
Permanent employees who receive County benefits are eligible to receive matching contributions from the County of up to a total 3% of gross pay when they participate in one or a combination of these plans. The chart below displays how the County will administer the matching dollars to employees that choose to participate in multiple plans.
|Employee contributes to multiple plans:
||Then the County match goes to:
|NC 401(k) Plan + a 457 Plan
||NC 401(k) Plan
||NC 401(k) Plan
|Both 457 Plans
||NC 457 Plan
This new benefit will be introduced to employees later this month at meetings scheduled in various County facilities, with enrollment beginning October 1.
Board members with questions should contact HR Director Chris Peek via email or call 704-336-3138.
White House Conference Call
As a follow up to the President Obama’s address last night, White House officials will be hosting conference calls to provide additional information on the President’s job proposals. The NC-specific call will be held today, Friday, September 9 at 3 p.m. and can be joined by dialing 800-398-9367. The White House has not indicated how long the call will last or whether there will be an opportunity for questions and answers.
Board members with questions should contact Assistant to the County Manager Brian Francis via email or call 704-336-2611.
-- Harry L. Jones, Sr., County Manager