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Employee Benefits
457(b) Deferred Compensation Plan

A 457(b) Deferred Compensation Plan is a supplemental retirement plan that allows employees to contribute a portion of their pretax salary, within certain Internal Revenue Service (IRS) limits, to a personal account currently maintained by ING Life Insurance and Annuity. Employees may select from multiple mutual funds and a fixed interest account when investing their funds. The County, as Plan Administrator, regularly monitors the investment options and deletes or replaces funds that fail to perform according to the guidelines set forth in the County of San Bernardino Investment Policy and Procedures Statement. For detailed information, refer to the 457(b) Deferred Compensation Plan.


Eligibility
General employees in regular positions, and other employees that are granted this benefit through an employment contract or Exempt Compensation Plan, are eligible to participate. Employees may enroll at any time.

Participating employees may be eligible to receive a County contribution subject to the maximum amounts specified in your Memorandum of Understanding (MOU), Exempt Compensation Plan, salary ordinance or contract.

457(b) Deferred Compensation Plan Enrollment Form
457(b) Deferred Compensation Information Change Form


Taxed Upon Receipt
Contributions to this account and any earnings that accumulate are not taxed until the funds are received. The IRS does impose restrictions on when these funds can be accessed. Upon complete separation from County service, participants may choose to withdraw a portion or all of their 457(b) account balance and will only pay the Federal and State taxes on the amount withdrawn. Unlike most 401(k) plans, there is no penalty for withdrawals made from a 457(b) Plan prior to the participant’s attainment of age 59½.


Loan Provisions
In-service distributions are limited to loans and hardship withdrawals. Both options are subject to several restrictions. Employees should make themselves familiar with the loan and hardship provisions in the 457(b) Plan document before participating in the plan.


How to Get in Touch with ING:
Contact ING at (909) 748-6468 or visit the ING website at www.ingretirementplans.com

 

 

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