Human Resources

Established under the Internal Revenue Code section 457, deferred compensation plans are tax deferred, supplemental retirement plans. Contributions to 457 plans are not subject to federal income tax at the time of deferral.

If you become a full-time employee, all contributions to the OBRA account cease.  At this point, you may either transfer the value of your OBRA account to the voluntary 457 plan available to full-time employees, or you may simply leave the funds in your OBRA account.  If you choose to leave the funds in the OBRA, please bear in mind that the funds cannot be withdrawn until you separate employment from Washoe County.

You can contact Voya's Retirement Readiness Service Center and speak with a Customer Service Associate at 1-800-584-6001.

Yes. A total asset-based fee of 0.8% to cover recordkeeping and administrative expenses is applied to all deferred compensation accounts.

All distributions will be taxed as “ordinary income.”  Taxes are payable on amounts distributed to you in the year of receipt.

When you separate employment with Washoe County, you have several options.  You can either leave the funds in the account, accruing interest; you can roll the funds over to another qualified plan; or, you can withdraw the funds in their entirety.  If you choose to withdraw, you will be responsible for the applicable taxes on the earnings.

Yes.  Your employer will automatically deduct the required 7.5% of gross salary to provide you, as a non-benefited part time, seasonal or temporary employee, with a defined contribution plan in lieu of social security coverage.

Yes.  You can contact Voya's Retirement Readiness Service Center and speak with a Customer Service Associate at 1-800-584-6001.

Payout options include lump sum or designated amount on a monthly, quarterly or annual basis.

No.  There are no penalties or early withdrawal provisions applicable to the plan.

Participants will receive quarterly statements by mail.

No.  Your employer will make the necessary adjustments on your W-2 form, lowering your gross wages by the amount that you contributed in each tax year.

Established in 1990, OBRA is an acronym for Omnibus Budget Reconciliation Act.  The primary purpose of this 457 deferred compensation plan is to provide a retirement alternative to Social Security for all non-benefited part-time, seasonal and temporary employees.  In addition, this plan permits those same employees of Washoe County to enter into an agreement which will provide for deferral of payment of a portion of their current compensation until death, retirement, severance from employment, or other event, in accordance with the provisions of Section 457 of the Internal Revenue Code.

Assets in the plan may be withdrawn upon termination of employment, regardless of age.

Contributions will be directed to the Voya Fixed Account.  The Voya Fixed Account provides safety of principle and a competitive rate of return.

OBRA requires that all state and local governmental employees be covered by social security or an employer retirement plan.