Deferred Compensation

Deferred Compensation Plan
The County offers a voluntary Deferred Compensation Plan administered by Mass Mutual in Accordance with Section 457 of the Internal Revenue Code. Participants of the program select a designated monthly amount to deduct from their paychecks and then select investment options from the portfolio provided by Mass Mutual.

The Deferred Compensation Plan is a supplemental retirement plan option in addition to your County retirement plan. Consequently, while you may stop your deductions at any time, you may not have access to the monies until you have separated from County service.

Some positions are eligible for a county paid contribution to their Deferred Compensation Plan, depending on their MOU or Management Resolution.

THE HARTFORD NEWS RELEASE DATED SEPTEMBER 4, 2012
September 4 2012 News Release

Letter to Participants from The Hartford

Massachusetts Mutual Life Insurance Company Acquires The Hartford's Retirement Plans Group
Announcment of completed transaction effective January 1, 2013

Announcement will be included with 4th quarter statements from Massachusetts Mutual.

Why enroll in deferred compensation plan?

Special Deferred Compensation Plan for New Hires
New Hires:  The County will contribute one hundred fifty dollars ($150) per month to an employee's account in the Contra Costa County Deferred Compensation Plan or other designated tax qualified savings vehicle, for new hires who are members of either the Labor Coalition,  or members covered by Management Resolution 2009/341, Local 21, Probation and Peace Officers Association, Deputy District Attorney, Public Defenders and Public Defender Investigators.

Eligibility 

See information below to enroll in the Deferred Compensation Plan

Enrolling in Deferred Compensation
Contra Costa County Deferred Compensation Plan

In order to participate, the following forms must be completed and submitted to either Mass Mutual or the Contra Costa County Employee Benefits Unit:
    a) Document Receipt Acknowledgement and Disclosure Statement;
    b) Enrollment Form 457(b) Government; and
    c) Beneficiary Designation

The Mass Mutual website.  If you need assistance with your PIN number, call 1-800-528-9009.

Deferred Compensation Notification of Change
If you are enrolled and are making a change to your contribution,
submit  2014 Notification of Change Form

Rollover into The Hartford Deferred Compensation Account
Please complete and send to Mass Mutual.  If you have questions, please feel free to contact Helen Lai at 1-888-435-9670.

Rollover into Mass Mutual Deferred Compensation account. 

One on One Consultations with a Hartford Representative
Feel free to make an appointment with Mass Mutual Representative, Patricia Lundberg to learn more about the 457 Deferred Compensation Program or to review your account. To set up an individual 30 minute appointment, call Helen Lai at 1-888-435-9670.

2014 Elective Deferral Limits
$17,500.00
This dollar limit is the maximum amount of elective deferrals than can be made to an eligible 457(b) plan by a participant.  If the participant participates in more than one cash or deferred arrangement, this limit applies to the aggregate of the amounts contributed (excluding eligible 457(b) plans. For eligible 457(b) plans, a participant can defer up to the full limit in that plan on a separate basis. Note: deferrals cannot exceed compensation.

2014 Annual Catch-Up Contributions Limit
Annual limit may differ for individual participants in certain cases.

$23,000.00
This dollar limit applies to employees who are at least 50 years old or who will have attained age 50 by the end of the calendar year and are eligible to make elective deferral contributions to a 457(b) plan. This is a calendar year limit.