Deferred Compensation

IN TRANSITION

As previously announced, the County will be moving to a new Service Provider, Empower Retirement, effective July 29, 2019. With the transition to Empower, you can look forward to the following enhancements:

  • Lower investment & administrative fees
  • Simplified investment option lineup
  • Expanded retirement education and counseling services
  • New custom website and online resources

You will be able to access our new Contra Costa County custom Empower Retirement website at www.contracosta457.com

During the transition there will be a blackout period. Transitioning to a new provider takes time and careful scheduling. To ensure accurate processing and verification of participant accounts, a blackout period will occur as described below. You will not have access to your current account during the blackout; however, the funds in your account will remain fully invested. All existing accounts at MassMutual Retirement Services will transfer automatically to Empower. All new contributions will be directed to Empower as of July 29, 2019.

Self-Directed Brokerage Account

  • begins on July 19, 2019 at 1:00 p.m. PT and ends by close of business August 9, 2019 for your ability to obtain distribution(s) or withdraw any individual account balances from the Plan; and
  • begins on July 19, 2019 at 1:00 p.m. PT and ends by close of business August 9, 2019 for your ability to direct or diversify your transferring account. The SDBA is intended for knowledgeable investors who acknowledge and understand the risks associated with the investments contained in the SDBA.

For all other investments and transactions

  •  begins on July 23, 2019 at 1:00 p.m. PT and ends by close of business August 9, 2019 for your ability to obtain distribution(s) or withdraw any individual account balances from the Plan; and
  • begins on July 23, 2019 at 1:00 p.m. PT and ends by close of business August 9. 2019 for your ability to direct or diversify your transferring account.

For more information on the blackout period, click here Blackout Notice (PDF)

For schedule of education sessions about the transaction, click here Group Meeting Flyer (PDF)

For details about the new provider and transition, including investment fund mapping, click here  Transition Bulletin (PDF) 

The Schwab Self-directed Brokerage account will continue to be available. For more information about this account, click here Schwab Self-directed Brokerage Letter (PDF)

For more information about the new Investment Lineup, click here Fund Fact Sheets

Deferred Compensation Plan

The County offers a voluntary Deferred Compensation Plan in accordance with Section 457 of the Internal Revenue Code. It is currently administered by MassMutual but will transition to Empower July 29, 2019. Participants of the program select a designated monthly amount to deduct from their paychecks and then select investment options.

The Deferred Compensation Plan is a supplemental retirement plan option in addition to your County retirement plan. Consequently, while you may stop your deductions at any time, you may not have access to the monies until you have separated from County service.

Some positions are eligible for a county paid contribution to their Deferred Compensation Plan, depending on their MOU or Management Resolution.

Deferred Compensation Plan - Special Benefit for New Hires

New Hires: The County will contribute one hundred fifty dollars ($150) per month to an eligible employee's account in Contra Costa Deferred Compensation Plan when the employee defers twenty five dollars.

Eligibility

See information below to enroll in the Deferred Compensation Plan.

Annual Elective Deferral Limits

Annual Elective Deferral Limits are determined by IRS. Go to LIMITS.