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Contribution and Withdrawal

Contribution

Employees may choose between two providers, International City Management Association Retirement Corporation (ICMA-RC) or National Association of Counties (NACo), administered by Nationwide Retirement Solutions (NRS). Employees may contribute to both providers, as long as the employee do not exceed the total maximum annual contribution.

Each provider offers a number of investment options, including fixed funds, stock funds, bond funds, mutual funds, and others. You may wish to seek the advice of an accountant or other professional for investment assistance.

Both ICMA-RC and NRS have representatives available to meet with plan participants one-on-one to discuss your financial objectives. Contact your DPR for the name and telephone number of the plan representative(s) assigned to your department. In addition, onsite representatives are available in the Benefits Administration Unit.

Participants can go online or call their providers to change their payroll contribution amount.   The BAU will only accept deferred compensation forms for new accounts.

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Payouts

Once you retire or separate employment, you become eligible for payments from your account. There is neither a minimum age requirement nor waiting period for you to begin receiving payments.

  • At the time you are ready to begin receiving your payout, simply contact your plan provider.
  • Once you are eligible to receive payments, you may select from a variety of payment options. You may receive a lump sum, installment payments, irregular payments or guaranteed monthly payments for life.
  • You may rollover funds from another eligible retirement plan, your FRS DROP account, or IRA into the 457 plan. You may also rollover your 457 funds into another eligible retirement plan or to an IRA.
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"Catch-up" Provision

If you are within three years prior to the year you designate for normal retirement, you may be eligible to take advantage of a special "catch-up" provision which may allow you to contribute up to $35,000 for 2014. You may not participate in the "catch-up provision" beyond age 70½. Additionally, there is an age 50 "catch-up" provision that permits an employee to contribute an extra $5,500 per year, if at least age 50. You may not utilize both "catch-up" provisions simultaneously. Contact Benefits Administration at 305-375-5633 or 305-375-4288 or the on-site deferred compensation plan representative for more information.

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Emergency Withdrawal

You may be able to withdraw money from your account while you are still working if you have an unforeseeable emergency. An unforeseeable emergency is a severe financial hardship to the participant resulting from a sudden and unexpected illness or accident of the participant or of a dependent of the participant, loss of the participant's property due to casualty, or other similar extraordinary circumstances arising as a result of events beyond the control of the participant. The amount of money you could receive is limited to the amount necessary to relieve the hardship.

An Unforeseeable Emergency withdrawal is very difficult to receive, and you should not depend on the availability of your funds. Some examples of an Unforeseeable Emergency are health care and property losses due to theft or fire, which are not covered by insurance.

Employees can contact their provider directly to request an emergency withdrawal packet.

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Page Last Edited: Tue Jun 10, 2014 9:47:01 AM
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Deferred Compensation

Deferred Compensation
 
 
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