Calvert County offers a defined contribution retirement plan that allows eligible employees to save for retirement. Employees contribute 3 percent of their base salary on a pre-tax basis and the County contributes 5 percent each pay period. Employees direct how the money is to be invested and can monitor the growth of their funds through quarterly statements and online account access. County contributions vest on an incremental basis with full vesting at seven years.
Sheriff and Correctional Pension Plan
Calvert County offers a defined benefit retirement plan for deputy sheriffs and correctional deputies who are eligible to participate. The plan provides benefits based on years of service, and/or age, with mandatory retirement at age 62. Employees contribute 8 percent of their base salary on a pre-tax basis. The plan includes a death benefit and benefits for on duty and non-duty related disability retirement.
Deferred Compensation (457B)
This is a voluntary retirement plan that allows eligible employees make payroll deductions to invest up to the IRS allowable limit. Employees direct how the money is to be invested and can monitor the growth of their funds through quarterly statements and online account access. Deductions can be a flat dollar amount or a percentage of income. There are two types of accounts available:
a. Deferred account - contributions are made on a pre-tax basis and are taxed when withdrawn in retirement.
b. Roth account - contributions are made on an after tax basis and are not taxed when withdrawn in retirement.
Please click here to schedule an appointment with a Nationwide representative.
Disclaimer
Please note that this information is to be used as a reference only; it is not an official statement of the benefits of Calvert County Government. The County is not bound to continue these benefits which are subject to change. The County benefits upon retirement may not be the same as stated above and are subject to change.
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