401(a) plan

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Eligibility is dependent on the provisions of your Memorandum of Understanding or Management Resolution. Not all employees are eligible for the Employer Paid 401(a) contribution.

There is no age or service requirement for eligible employees to participate in the plan.   

There is no age or service requirement to participate in the employer contributions portion of the plan. 

Starting early has its advantages

Contributions

Employer contributions: The plan provides for Riverside County to make contributions. 

Please see your Benefits office or a financial professional for Employer Contributions details. 

Vesting

Vesting is a participant’s right of ownership to the money in his or her plan account. Employer contributions to the plan, plus any earnings they generate, are fully and immediately vested.

Accessing your money before retirement

Withdrawals

Money can be withdrawn from the plan in these events: 

• Your retirement. 
  
• Death. 
  
• Severance from employment. 
• Qualified birth or adoption withdrawal within one year from the date of birth or adoption (not subject to the 10% early withdrawal penalty).
• Reaching age 59½ (if your plan allows in-service distributions).

Income taxes are payable upon withdrawal and federal restrictions and a 10% tax penalty may apply to early withdrawals.  Be sure to talk with your tax advisor before withdrawing any money from your plan account. 

Loans

Loans are not permitted in this plan.