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Plan Contributions Types | Print |

What types of contributions are made to the plan?

Contributions are made to the Plan by you and by the County. The types of contributions you and the County can make to the Plan areexplained further in this section.

Employee Contributions
You must make a pre-tax employee contribution to the Plan equal to 6% of your pay. These contributions are automatically deducted from each paycheck.
 
Definition of Pay – For purposes of the Plan, your β€œpay” is all of your wages paid by the County and reported to you on the Form W-2 from the County. There is a limit on the amount of pay that can be taken into account each Plan Year. That amount is $230,000 for 2008. The amount is adjusted by the IRS every year and it is prorated on the basis of months for any period less than 12 months.

Rollover Contributions – You may make Rollover Contributions to the Plan. A Rollover Contribution is your account balance or benefit from a qualified retirement plan with a previous employer, an IRA, a 403(b) plan or a 457(b) governmental plan.
 
Restoration Contributions – If you receive a distribution from the Plan when you terminate employment with the County and you are not 100% vested in your account at the time of that distribution, you may forfeit a portion of your account. If you are later rehired, you may make a contribution to the Plan equal to the amount of your earlier distribution. If you make such a contribution, the amount you forfeited when you terminated employment will be returned to your
account (unadjusted for gains or losses). To qualify, you must have forfeited a portion of your account and generally must be rehired within 5 years of your termination. If you feel you meet these requirements and are interested in making a Restoration Contribution, please ask the Retirement Committee for more information.
 
Employer Contributions
Employer Basic Contributions – Each payroll period the County will make a contribution on your behalf equal to 8% of your Pay from the County for that pay period.
 
Employer Matching Contributions – If you are making voluntary contributions to a 457(b) Plan, the County will make an Employer
Matching Contribution for each payroll period equal to 50% of
the first 4% of your Pay for the Plan Year that you contribute to the 457(b) Plan. Therefore, it you are contributing 2% of your pay to a separate 457(b) Plan, the County will contribute 1% of your pay (or 50% of your contribution) to this Plan on your behalf on a payroll basis.
 
Transfer Contributions – If your Employment Date or reemployment date is before July 1, 1999, and you elected to participate in this Plan instead of remaining in the defined benefit plan, you will have a Transfer Account that is
credited with a lump sum amount from the defined benefit pension plan.

 
 

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