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Nationwide outlines new deferred-compensation options for Lassen County employees
Summary
A Nationwide representative told the Lassen County Board the county plan reached $10 million and administrative fees will fall to about 0.55%, and described SECURE Act catch-up rules, a proposed Roth option and possible loan and self-directed account features for staff to consider.
Nationwide's county plan representative briefed the Lassen County Board of Supervisors on plan changes intended to expand retirement options for county employees. The presenter said the plan has reached $10,000,000 in assets and that the pricing committee has reduced plan administrative costs to about 0.55%, which she said will put more dollars back in participants' pockets. "So that's the great news," the Nationwide representative said, explaining the lower flat cost structure for participants.
The presentation described changes under the SECURE Act and related rules that affect catch-up contributions. The representative said the standard pre-tax contribution limit is $23,500, with an additional $7,500 catch-up for people aged 50 and older; a special provision in the SECURE Act raises the cap for people aged 60–63 to about $34,750, and certain underutilized contribution allowances (section 457 catch-ups) may allow retroactive recapture for up to three years. She noted an upcoming 2026 change that may require some catch-up amounts to be contributed to a Roth account for employees whose W-2 wages exceed $145,000.
Nationwide also described optional plan features the county could add at no additional administrative cost: an in-plan Roth, in-plan Roth conversions, the option to permit loans, an "index principal protection" fund that offers downside protection with a capped upside, and a Schwab self-directed brokerage window for employees who want to invest in individual securities. "If you bring the Roth in, there are two other things that you can think about," the representative said, urging the board to consider which optional features best suit staff needs.
Board members said they found the options useful and discussed logistics for making information available to staff. The Nationwide representative offered to schedule on-site or virtual appointments and webinars and to provide cards and contact information for individual counseling. The presentation concluded with staff interest in follow-up and inquiries about scheduling outreach for employees.
The board took no formal contract action during the presentation; decisions about adding specific plan features were described as options for future consideration and would require contract amendments if the board elects to pursue them.
