ATTENTION: Board of Supervisors Approve New Deferred Compensation Plan Provider - Lincoln Financial
Hello Team Placer,
Some positive changes are coming to our deferred compensation plan, with the Board of Supervisors today approving the selection of Lincoln Financial Group as the county’s sole deferred compensation plan provider.
The board’s decision follows the recommendation of our Deferred Compensation Committee, arrived at after an extensive, formal RFP search process that began in June 2017. From a group of 10 proposals, Lincoln ranked highest for their overall capabilities, cost proposal and their comprehensive suite of customer communications and services.
Selecting one deferred comp plan service provider will mean consolidating deferred comp plans currently administered by VOYA (CalPERS) and Mass Mutual. This offers several advantages. Most importantly, your service plan fees will be lower, resulting in a better value for your investment. Streamlined plan administration also saves the county money and gives us better negotiating leverage to ensure an overall lower plan cost to employees in the future.
To be clear, this change does not affect any county PERS retirement plans – only the optional 401(k) and 457(b) deferred compensation investment plans offered as part of the County benefit program. If you are currently participating in the county’s deferred compensation plans, you should continue to manage your account with your current service provider until a more formal transition plan is completed, which is anticipated in July.
While we expect the transition of accounts to be easy and seamless, the Human Resources Department will be communicating each step of the transition to all employees and deferred comp plan participants (including retirees) through a special transition website, in-person group meetings, one-on-one consultations with representatives of Lincoln Financial Group and updates on myPlacer and the County’s website.
If you have any questions meanwhile, please feel free to reach out to the HR Department by responding to this email. You can also learn more about Lincoln and their plan options by visiting LincolnFinancial.com/Retirement.
Thanks for your attention, and I look forward to sharing more information with you as we work through the transition process.
Human Resources Director
Placer County is committed to helping you achieve your financial and retirement goals and offers two voluntary deferred compensation programs under IRS Code 457 and 401(k) through MassMutual and CalPERS/VOYA. These plans allow you to set aside additional money for retirement on a pre-tax basis with a minimum contribution of $10 per pay period. Whether you are a first-time investor or a market seasoned expert, this site will provide you with helpful information, along with links to financial education and the County’s various providers for both CalPERS (Voya) 457 and 401(k) and MassMutual 457 and 401(k) plans. These tools and choices will help to empower and enable you so that you can make informed decisions to achieve your financial independence.
You may schedule an appointment with a plan representative to answer any questions, help you enroll or make changes. The CalPERS representative schedules appointments on the 1st and 3rd Tuesdays and the MassMutual representative schedules appointments on the 2nd Thursdays of each month at the Placer County Government Center - Birch Room located in the Planning Building at 3091 County Center Drive, Auburn. Appointments are also available for other locations and times, click here for a complete list.
CalPERS/VOYA: Rich Berg
(888) 713-8244 or (800) 260-0659
CalPERS Appointment Scheduler
MassMutual: David McCray
(209) 715-3498 or (888)811-4839
MassMutual Appointment Scheduler - Auburn Roseville Rocklin Tahoe
Learn more about Deferred Compensation
Deferred Compensation Forms