Limited term employees receive a 401(a) retirement plan and a 457 deferred compensation plan, which is a different retirement package than a regular permanent County employees. This retirement package is not part of the County’s pension system.
401(a) Retirement Plan
Limited term employees receive a 401(a) retirement plan which includes:
- An employer contribution of 2% in year 1 of employment (2,080 hours), 3% in year 2 (4,160 hours), and 4% in year 3 (6,240 hours).
- An additional employer matching contribution based on employee contribution, up to an additional 3%
The employer contributions to the 401(a) plan fully vest at the end of year 3 (6,240 hours). One-third of the County’s entire contribution will vest at the end of each year of service. Employer contributions that have not vested upon employee separation shall be forfeited.
457 Deferred Compensation Plan
Like regular permanent County employees, limited term employees can contribute a portion of their paychecks to a Roth or Traditional 457 deferred compensation plan. The 457 plan is another way for employees to save and invest for retirement. Employees elect the type of deferred compensation plan as well as the contribution amount when they enroll in their benefits in Workday.