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Supervisors approve resolution allowing Nationwide 457 plan as additional savings option for employees
Summary
The board approved a resolution enabling the county to offer a Nationwide 457 deferred-compensation option for employees; the county will not contribute matching dollars.
The Grayson County Board of Supervisors approved a resolution to add Nationwide’s 457 deferred-compensation plan as an additional optional savings vehicle for county employees. County staff said the program requires only a board resolution to allow the plan; the county will not provide matching funds or contributions.
Why it matters: The resolution gives county employees another tax-advantaged retirement savings option beyond Virginia Retirement System (VRS) plans, according to staff.
What the board did: A motion to approve the Nationwide 457 resolution was moved, seconded and carried by roll-call vote; supervisors recorded ayes during the meeting.
Background and next steps: Staff said the measure does not obligate county funds but provides an administrative avenue for employees seeking an additional retirement-savings option. No further fiscal action was required by the board at the meeting.
