The County of San Joaquin offers retirement plans so you can set aside money from each paycheck toward retirement. These plans can help bridge the gap between what you have in your pension and Social Security, and how much you’ll need in retirement. The available plans include:
- Traditional — pre-tax and available to all County employees paid through the County
- Roth option — after-tax and available to all County employees paid through the County
What does pre-tax mean?
Basically, you don’t pay income taxes on your plan contributions or earnings until you retire and/or begin to take payments from your account. This may lower your taxable income currently.
What does after-tax mean?
Unlike tax-deferred contributions, after-tax contributions are taxed before they are invested in your plan. Then the withdrawals that you take in retirement are tax-free if certain conditions are met.
How much can I contribute to my plan?
Check out the current contribution limits.