Subject to applicable federal regulations, the County agrees to provide a deferred compensation plan that allows employees to defer compensation on a pre-tax basis through payroll deduction. 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 he or she 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 January 3, 2016, for full time, 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 one percent (1%) base salary.