Deferred Compensation
PLACER COUNTY IS COMMITTED TO HELPING YOU ACHIEVE YOUR FINANCIAL AND RETIREMENT GOALS
We have a voluntary deferred compensation program under Internal Revenue Services Code 457(b) and 401(k). Deferring compensation allows you to set aside additional money for retirement, on a pre or post-tax basis. The minimum contribution is $10 per pay period.
Lincoln Financial Group is the service provider and offers both directed and self-directed (pdf) investment options.
Whether you are a first-time investor or a market seasoned expert, this site will provide you with helpful information. The following tools and resources will enable you to make informed decisions to achieve your financial independence:
Plan Documents
- What is Lincoln Financial Group’s role in Placer County deferred compensation plans?
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Lincoln Financial Group is the official deferred compensation service provider to Placer County employees. To view Placer County-specific information, please visit our Deferred Compensation page.
- Do I have to wait until open enrollment to set up a contribution?
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No. Deferred compensation changes can be made anytime throughout the year. Log into Workday and use this job aid (PDF) as a step-by-step guide to enroll in the 401(k) and/or 457(b) saving plan/s, or to make contribution changes. To access your account information, log in or create your account on the Lincoln Financial Group's website.
- I’m seeing a deduction from my paycheck towards my CalPERS pension fund. Is this fund also considered deferred compensation?
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No. Your CalPERS fund is a defined pension fund. The employer-sponsored deferred compensation program allows you to set aside additional money for retirement through a 401(k) and/or 457(b) plan.
- Does Placer County match employee’s contributions?
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The County offers a match up to an annual maximum, to specific bargaining units. Please review the Benefit Summaries by Group page for your labor group to determine if you are eligible for the match.
- Why is it important to name a beneficiary?
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It eliminates confusion and leaves no doubt about what you want to be done with your money. As your life changes, it is important to update the beneficiary on all your accounts. Significant life events like marriage, divorce, and the birth of a child may have an impact on your beneficiary.
- How do I update my beneficiary information?
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To designate beneficiary information for your deferred compensation plan(s), you must go to Lincoln Financial Group's website to access your account. Within your account, you may set up or update your beneficiary designations and associated contact information.
- What is the difference between 401(k) versus a 457(b) plan?
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Lincoln Financial Group offers a Comparison Chart (PDF) outlining the differences between the plans. If you would like to meet with a representative to learn more about each plan, visit Lincoln Financial Group’s online scheduling tool. You can select an appointment and meet with our dedicated Lincoln Financial Group Retirement Consultant, Chad Parilla. He can also be reached via email.
- What is the difference between a regular 401(k)/457(b) and a Roth 401(k)/457(b)?
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Contributions to traditional deferred compensation plans are pre-tax and provide an income tax break when contributing. Roth contributions are taxed and provide tax advantages when receiving distributions in retirement. Knowing the difference can help you make confident, informed decisions for your future. See additional information that outlines pre-tax vs. after-tax. You have the option to contribute to any of these plans.
- How do I view my deferred compensation account?
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Once you've enrolled through Workday, go to Lincoln Financial Group website to create or log-in to your account.
Chad Parilla, CRPC®
Retirement Consultant
Phone: (209) 237-8147
Email: [email protected]
Customer Contact Center
Phone: (800) 234-3500
Fax: (260) 455-9671
5:00 am - 5:00 pm PST