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Employee Benefit: Deferred Compensation

Employee Benefit: Deferred Compensation

Employees shall have the option of deferring a portion of their compensation for the purpose of building retirement security in a tax-sheltered investment plan in accordance with Iowa Code Section 509A and Section 457 of the Internal Revenue Code.

An employee may select any Deferred Compensation Plan Provider from the County's approved list for payroll deduction. There is no waiting period, employees may sign up as soon as employment begins.

Matching Contribution:

For non-represented employees, the County will match their contribution at $.50 for each dollar the employee contributes during that calendar year, up to a maximum of $500.00. Bargaining Unit employees should consult their agreements.

The matching contribution will be paid in the second paycheck in January of the following calendar year or upon termination of employment, whichever occurs first. The employee is responsible for monitoring and not exceeding the maximum allowable annual contribution in accordance with Section 457 of the Internal Revenue Code.

Enrollment:

Information regarding payroll deduction for deferred compensation and selection of Providers, distribution, change or designation of beneficiaries is available through the Human Resources. The County does not solicit, nor endorse any Deferred Compensation Plan Provider.

Purchasing Service Credits

Purchasing IPERS service credit may take place only at the time of retirement, after you’ve filed your application for IPERS retirement benefits. Please refer to the FAQ PDF for more information about purchasing IPERS service credit.

Approved Plan:

The following plan is approved for County employees to participate in.

  • Minnesota Life (must have $2000 initial deposit to open a new account and contribute $100 per month)
    Securian Financial Group
    400 Robert Street N.
    St. Paul MN 55101-2098
    http://www.securian.com
    • Gary Peterson
      US Bank Center Ste 715
      201 W 2nd Street
      Davenport IA 52801
      563-323-3658
      [email protected]

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