In most cases, even a long-term County employee who will receive both TCERA benefits and Social Security benefits will have a drop in take-home income compared to the salary they received as a full-time employee. Participation in the County Defined Contribution plan will provide a third retirement check that can make a significant difference in an employee's total retirement income.
You can participate in one of Tulare County's Defined Contribution choices for as little as $10 a pay period. You have the choice between the 457 Deferred Compensation Plan (money goes in pre-tax and you pay taxes when you begin withdrawals), or the new 457 Roth (money is contributed post-tax and is withdrawn tax free).
There are even ways to plan for inflation in the way you contribute. Contribute a % instead of a flat amount and every time you get a salary increase, your deferral automatically increases.
Brown bag it one day a week for lunch and you have more than saved enough for a $10 contribution.
According to the 2012 "Retirement Confidence Survey" conducted by the Employee Benefit Research Institute:
Stephanie Henry from Empower Retirement, a Great-West Life & Annuity Insurance Company, at (559) 967-2280.