Subject to applicable federal and state regulations and contribution limits, the County agrees to provide a deferred compensation plan that allows employees to defer compensation on a pre-tax basis through payroll deduction.
- Automatic Enrollment:
Effective January 1, 2016, each new employee will be automatically enrolled in the County’s Deferred Compensation program, at the rate of one percent (1%) of their pre- tax wages, unless the employee chooses to opt out or to voluntarily change deferrals to greater than or less than the default one percent (>1%) as allowed in the plan or as allowed by law. The pre-tax deduction will be invested in the target fund associated with the employees’ date of birth. All deferrals are fully vested at the time of deferrals; there will be no waiting periods for vesting rights.
Effective July 1, 2019, all employees will be enrolled in the deferred compensation program at the rate of one percent (1%) of their pre-tax wages, unless they choose to opt out or to voluntarily change deferrals to greater than or less than the default one percent (>1%) as allowed in the plan or as allowed by law. The pre-tax deduction will be invested in the target fund associated with the employees’ date of birth. Deferrals are fully vested at the time of deferrals; there will be no waiting periods for vesting rights.
Concurrent with Cost of Living Adjustments (COLA) the deferrals will be increased in one percent (1%) increments to a maximum of five percent (5%).
The County will provide training to employees regarding how to make voluntary changes to deferrals.
- County Matching Contribution:Effective the first, full pay period following Board of Supervisors’ approval of a successor MOU in 2019, for regular employees defined as new members in the San Mateo County Employees Retirement Association (SamCERA) under the Public Employees’ Pension Reform Act (PEPRA), the County will match employee contributions to the County’s 457 Plan, up to three percent (3%) base salary. Effective the first, full pay period following Board of Supervisors’ approval of a successor MOU in 2022, for regular employees defined as new members in the San Mateo County Employees Retirement Association (SamCERA) under the Public Employees’ Pension Reform Act (PEPRA), the County will match employee contributions to the County’s 457 Plan, up to five percent (5%) base salary. Such contributions shall not exceed the maximum County contribution permitted under PEPRA and federal law. County contributions shall be deposited in the employee’s 401(a) Plan.Effective the first, full pay period following Board of Supervisors’ approval of a successor MOU in 2019, for regular employees in the San Mateo County Employees Retirement Association (SamCERA) defined as legacy (classic) members under the Public Employees’ Pension Reform Act (PEPRA), the County will match employee contributions to the County’s 457 Plan, up to one percent (1%) base salary. Such contributions shall not exceed the maximum County contribution permitted under PEPRA and federal law. County contributions shall be deposited in the employee’s 401(a) Plan.
- Additional Retirement Benefit:UAPD employees who meet the Internal Revenue Code section 401(a) (17) annual compensation limit (employees in Retirement Plans 4 and 5) will be eligible for contributions toward the County’s 401 (a) Money Purchase Retirement Plan with the ICMA Retirement Corporation. The County will pay the difference in contributions it would have made to SamCERA into 401 (a) Money Purchase Retirement Plan with the ICMA Retirement Corporation. Contributions to ICMA are made on an annual basis at the beginning of the calendar year for an employee who exceeded the 401(a)17 limit in the previous year.