The County offers all full-time and part-time employees the ability to enroll in a Defined Contribution Program through Great West Retirement Services.
The 457 Defined Contribution Program is a voluntary retirement savings program that allows you to contribute a portion of your bi-weekly salary on a pre-tax basis. Because the County deducts your contribution from your paycheck before taxes, you reduce your taxable income and pay less in taxes right now. Plus, all of your savings grows tax-free until you remove money from your account at retirement or separation of employment.
The Program offers a wide variety of professionally managed investment options ranging from conservative to aggressive in risk/return potential. You can choose from among a diverse array of investment options.
If this program interests you, County of Orange employees have access to local Great West Retirement Services representatives dedicated solely to the County of Orange Defined Contribution Program. The County's dedicated representatives are available to conduct one-on-one and group meetings at the Hall of Administration, or other County locations. These meetings are designed to educate you about the Program and other financial topics or to simply answer questions. Please call (866) 457-2254 and press "2" to make an appointment.
You may also go to the County of Orange Defined Contribution web site at: www.countyoforangedcplan.com for additional information about the Program.
1.62 Defined Contribution Plan
The County offers employees enrolled in the "1.62 at 65" retirement benefit (OCERS) formula the ability to enroll in the 1.62 Defined Contribution Plan through TIAA-CREF.
The 1.62 Plan combines a traditional defined benefit plan pension with a defined contribution component so they can work together to help you achieve an adequate and secure retirement. The 1.62 Defined Contribution Plan is a voluntary retirement savings program that allows you to contribute a portion of your bi-weekly salary on a pre-tax basis and receive employer matching contributions.
Employee contributions are made on a pre-tax basis and go into a 457 account for you to manage. Employee contributions vest immediately on behalf of the employee. The employer matching contributions go into a 401(a) account for you to manage. Employer contributions vest on behalf of the employee after five (5) years of continuous employment with the County.
The Program offers a wide variety of professionally managed investment options ranging from conservative to aggressive in risk/return potential. You may choose from among a diverse array of investment options.
If this program interests you or you would like to speak with someone regarding additional information about the program, TIAA-CREF representatives are available to assist you at (800) 842-2252 Monday through Friday from 5 a.m. to 7:00 p.m. PST and Saturdays from 6:00 a.m. to 3:00 p.m. PST.
You may also go to the County of Orange 1.62 Defined Contribution web site at www.tiaa-cref.org/oc162dcplan for additional information about the Program.
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