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Deferred Compensation Plan
If you are a benefits-eligible employee, you can choose to participate in King County’s 457(b) Deferred Compensation Plan to assist in your long-term retirement planning. You can elect either pre-tax or after-tax (ROTH) contributions in an array of investment choices from T. Rowe Price.
You decide how much to defer through payroll deduction—up to the specified IRS contribution limits:
- 2024: $23,000 per year ($30,500 if you’re 50 or older)
For a plan overview, see Deferred Compensation Plan Highlights; for plan details, see the Deferred Compensation Plan Document In addition, see Frequently Asked Questions.
Education Sessions
To learn more, check out the Deferred Compensation Plan education sessions, offered to all employees:
Contacts
For plan details, tools, and resources: T. Rowe Price or 888-457-5770
For enrollment information: King County Deferred Compensation Plan Administrators or 206-263-9250
Deferred Compensation Board
Mission Statement (approved December 9th, 2020)
The mission of the King County Employees Deferred Compensation Plan Board is to provide tax savings and investment options, as well as financial planning tools, for past, current and future King County employees to help them build wealth for a more secure retirement. The Board is dedicated to making King County employees aware of the Plan’s benefits and expanding the reach of the Plan as a tool to achieve racial equity in building wealth and achieving financial wellness for all current and potential Plan participants.
King County Employees Deferred Compensation Plan Board Racial Equity Commitment Statement
Definition of Racial Equity
The Board defines racial equity as both an outcome and a process. As an outcome, we achieve racial equity when race no longer determines one’s socioeconomic outcomes. As a process, we apply racial equity when those most impacted by structural racism are meaningfully involved in the consideration, decisions and implementation of the institutional policies and practices that impact their lives.
Achieving our Mission
We recognize that structural racism has led to deep and pervasive racial inequities in achieving financial wellness. In alignment with the King County Equity & Social Justice Strategic Plan, the Board will lead with a racial equity lens in order to create equity for all. We commit to expanding the reach of the Deferred Compensation Plan (“the Plan”) as a tool to achieve racial equity in building wealth and achieving financial wellness for all current and potential Plan participants. With this racial equity commitment statement, the Board will continue its efforts to achieve the following goals.
Long-Term Racial Equity Goals
Deepen our commitment to racial equity and be inclusive and equitable in our decision making by considering a multitude of perspectives and experiences.
Create a culture of racial equity that can be integrated into our work with current and potential Plan participants, advisors, staff, third party administrator and other vendors.
Assess and transform policies, practices, and processes to achieve racial equity.
Achieve racial equity in financial wellness with respect to accessing tools for retirement savings and building wealth.
A board of current and retired King County employee representatives oversees the plan with the assistance of an independent financial consultant. The King County Employees Deferred Compensation Board meets on the second Wednesday of the month and all employees and participants are welcome.
Board meeting minutes Dec. 2023
Board meeting minutes Sept. 2023
Board meeting minutes Aug. 2023
Board meeting minutes June 2023
Board meeting minutes May 2023
Board meeting minutes March 2023
Board meeting minutes Feb. 2023
Board meeting minutes Jan. 2023
Benefits and retirement
Payroll
Fax: 206-296-7678