SEIU 721 is constantly working on behalf of members, even out of contract bargaining. From previous bargaining surveys we know that County of Ventura members would be more active participants in the County’s 401(k) Plan if there were lower barriers to entry.
By participating in the 401(k) Plan, members have a secondary method of saving up for their retirement needs. That means they have more control of what their lives look like after they retire and are not dependent on outside sources.
Through our advocacy in talks with the County CEO and Labor Relations, our union was able to achieve another win and important benefit for all members.
The Board recently passed and adopted a revision to Article 6 – Other Benefits and Premium Pay Section 629 Deferred Compensation. Eligible employees/members who participate in the County’s 401(k) Plan. The County will match a part of the employee’s contribution on a pay period basis and on the employee’s hourly rate of pay/salary, according to the following schedule.
The County has lowered the employee contribution rate to 1.00 to 1.49% to receive a 1.00% match. The minimum used to be 1.50% to receive a County 1.50% match.
The County also raised the employee contribution rate to those that currently or wish to contribute 5.00% or more to be matched by a 2.50% County contribution.
The max County match was 2.00% on an employee’s contribution of 4.00%.
Our Union team highly recommends that all members take advantage of at least contributing 1.00% of their earnings to receive at least the 1.00% County match. Of course, contribute more if your budget allows it. Retirement will be here before you know it so plan now. This is especially important for our younger members just starting their careers here with the County of Ventura.
When we stand together, we win!