Retirement Benefits

Voya

Defined Contribution Plans **

401(k)

All Career Service* employees hired after January 2012 will automatically be enrolled after 60 days, and deductions of 6.2% will be taken from the employee's gross salary unless the employee makes a different payroll election. The employee has the option to make pretax or post-tax (ROTH 401k) contributions through payroll deductions. Upon completion of probation, Utah County, will make a dollar-for-dollar matching contribution up to 6.2%.

At retirement, termination of employment, or age 59 1/2, employees may elect partial withdrawals, structured payments, lump sum amounts, or may choose to defer distribution until a later date. Early-withdrawal tax penalties may apply.

457(b)

The 457(b) Deferred Compensation Plan is voluntary for Career Service* employees. The employee has the option to make pretax or post-tax (ROTH 457b) contributions through payroll deductions. At retirement or termination of employment, employees may elect partial withdrawals, structured payments, lump sum amounts, or may choose to defer distribution until a later date. The entire balance (less tax withholdings) of the account may be distributed to the employee at retirement or termination. There is no early withdrawal penalty assessed on a 457(b) account.

Visit the Voya Retirement website for more information.

*Eligible employees include appointed, elected, and retained by election.

**FICA Replacement.

Utah Retirement System

Defined Benefit Plan

Participation in a Utah Retirement System (URS) pension plan is mandatory for most Career Service* Employees. Plans vary based upon employee's hire date. The County pays all or a portion depending on which URS plan the employee is eligible to participate in.

This valuable benefit provides retirement income based upon salary, length of service, and/or contributions. Visit the URS website for more information

*Eligible employees include appointed, elected, and retained by election.