Deferred Compensation
Deferred Compensation
Washoe County's Deferred Compensation Program is administered by Voya. Washoe County offers employees options for making pre-tax and post-tax (Roth) contributions to retirement savings accounts.
457 Deferred Compensation Plan
The 457 Deferred Compensation Plan is available to all full-time employees immediately upon employment.
To enroll in the 457(b) Plan, access your online account, change contribution elections and schedule a one-on-one meeting with a local Voya representative, visit
washoeco.beready2retire.com.
Important: The Contribution Change form can only be used to change your 457 contribution for incentive pay, and your final paycheck if retiring or terminating from Washoe County. All other contribution changes can be completed by logging into your account or calling Voya at 1-800-584-6001.
401(a) Plan
The 401(a) Plan is available to full-time employees after one (1) year of employment with Washoe County. Employees will have 90 days from the date of their one (1) year anniversay to elect to participate. Employees will not be able to enroll at a future date due to plan regulations established by the Federal Government.
The 401(a) Plan offers the same investment options as the 457 plan, and employees will select a percentage contribution rate. Once the contributon rate has been selected, the percentage or election of participation is irrevocable; you cannot change or cease your contribution.
To enroll in the 401(a) Plan, contact Voya Account Representative, Tom Verducci at 1-775-530-3089
Deferred Compensation Plan FAQs
OBRA
The primary purpose of this plan is to provide a retirement plan alternative to Social Security for all part-time, seasonal and temporary employees as set forth in the Omnibus Budget Reconciliation Act of 1990 ("OBRA"). This plan permits part-time, seasonal and temporary employees of Washoe County to defer a portion of their compensation to this savings plan so long as their employment status is active. Washoe County will automatically deduct 7.5% of these employees' gross salary and contribute it to the OBRA plan in lieu of Social Security coverage.
OBRA FAQs
The benefit information provided is subject to change. If there are any conflicts of benefit descriptions at any time, the plan document for that benefit will prevail.
Deferred Compensation Committee - In accordance with NRS 287.440, the Board of County Commissioners established a Washoe County Deferred Compensation Committee (DCC) in 1979 to administer and provide oversight to the County’s deferred compensation plans. The Deferred Compensation Committee is comprised of members from collective bargaining units and has a fiduciary responsibility to act in the best interests of participants with respect to plan administrators, fund offerings, account management, plan review for compliance, best practices and competitiveness and is responsible for plan revisions and other necessary actions to meet those responsibilities.
Deferred Compensation Committee Agendas/Meeting Minutes
The DCC meets on the second Wednesday of every February, May, August and November at 2:00 p.m.in the Washoe County Human Resources Conference Room located at 1001 E. Ninth Street, Building A, Room A210, Reno NV 89512, unless otherwise posted.
