Human Resources

Contact Voya's local representative Tom Verducci at 775-530-3089. 

The Deferred Compensation Committee 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.

In accordance with NRS 287.440, the Board of County Commissioners established a Washoe County Deferred Compensation Committee in 1979 to administer the 457 plan. The powers of the Deferred Compensation Committee as established by NRS and conferred upon the Committee as approved by the Board include collecting deferred compensation, transmitting to depositories within the State, payment of deferred compensation to participants and contracting with a private entity for services necessary to the administration of the plan.

Enrollment periods are established by Federal Internal Revenue Service (IRS) Codes. For the 457 plan, eligible employees can enroll at any time. For the 401(a) plan, employees are eligible to participate after one (1) year of employment with the County and then have a 90 day window in which to enroll. After the 90 day period ends, the employee is not eligible to enroll in the 401(a) plan for the remainder of his/her employment with Washoe
County.

Participants are eligible to take loans from the deferred compensation plans. The minimum loan amount is $1,000 and the minimum loan term is 12 months. For more information contact Voya's Retirement Readiness Service Center at 1-800-584-6001 or Voya's local representative Tom Verducci at 775-530-3089.       

Participants in the 457 Plan can start your retirement savings with as little as $10 or 1% per pay period, so starting sooner rather than later is easy.  You can start or stop your contributions to the 457 at any time. Participants electing to participate in the 401(a) Plan may select a minimum contribution amount of 2.5%. 401(a) enrollment and contribution elections are irrevocable.

The Committee has conducted record-keeper and administrator searches in 2005, 2010, 2015 and 2018. During these search projects the Committee has not found any compelling evidence that there are any advantages for our employees in adding a second provider. A single provider also minimizes confusion for plan participants and creates pricing advantages due to the economies of scale that are created.

The Committee adopted a written Statement of Investment Policies and Guidelines at their August 12, 2004 meeting. This Statement establishes criteria for funds offered within the 457 and 401(a) plans as well as the criteria for eliminating investment options. The policy is reviewed annually and assists in meeting the fiduciary responsibility of the Committee to act in the best interest of all plan participants. As stated in the guidelines, “the Committee will evaluate fund performance at least annually. Performance results will be evaluated using comparisons with the guidelines, pertinent market indices and appropriate peer groups of managers. When necessary, fund performance will be reviewed more frequently.” Evaluation is focused on long-term performance, though interim qualitative factors may influence a decision to add or remove a fund.

Both the 457 and 401(a) plans are voluntary retirement plans that employees may utilize. Neither plan offers a matching contribution which means each plan is funded solely from employee contributions. The 457 plan has maintained a strong participation rate of nearly 70% for several years. The 401(a) plan is a supplemental plan and is an irrevocable enrollment which make it appealing for a smaller number of employees.

Yes. Participants in the 457 and the 401(a) plan may elect to have any portion of their account balance transferred to a defined benefit governmental plan (PERS) at any time during their employment. For more information on purchasing “time” contact Voya's local representative Tom Verducci at 775-530-3089 or the Voya Retirement Readiness Service Center at 1-800-584-6001. You will also need to contact NVPERS at 775-687-4200 or visit the PERS website at www.nvpers.org.

The Roth Provision was added to the 457 Deferred Compensation program in May 2011. This feature enables you to contribute after-tax money from your paycheck to your 457 retirement plan account. The Roth option offers alternative tax benefits. Unlike traditional before-tax contributions, the Roth feature lets you save and invest with after-tax dollars. Because Roth contributions have already been taxed, Roth contributions and earnings can grow tax free.