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County Compensation Board will meet today at 4 PM


This news story was published on December 14, 2010.
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The Cerro Gordo County Compensation Board will meet on Wednesday afternoon to make salary recommendations for 2011.|The Cerro Gordo County Compensation Board will be meeting on Wednesday afternoon at the Cerro Gordo County Courthouse to make salary recommendations for 2011.

The board meets once a year to to make recommendations to the County Supervisors for the salaries of all elected officials working for Cerro Gordo County. The Supervisors can accept a pay increase or lower it but not approve a pay increase larger than the Compensation Board has recommended.

Below is the pay for elected officials in Cerro Gordo County:
– Supervisors (3): $44,661 (7th most in Iowa, out of 99. State average is $29,766)
– County Attorney: $100,461
– County Auditor: $61,811
– County Recorder: $61,061
– Sheriff: $84,093
– Treasurer: $61,811

Other benefits:
The county pays the health insurance premium if the employee is at least 58 years of age with 30 years of service or if the employee is 62 years of age with 20 years of service.

Additionally, the county offers a deferred compensation or other retirement plan in addition to IPERS. It is a 457 plan through Nationwide Retirement Solutions.

According to the Nationwide.com website:
The 457 retirement plans, also known as deferred compensation plans, are designed for state and municipal workers and employees of some tax-exempt organizations.

If you participate in these plans, you can contribute a portion of your salary to a retirement account. That money and any earnings that you accumulate are not taxed until you withdraw them.

Although they’re alike in many ways, there are some differences between 401k and 457 plans, particularly when it comes to early withdrawal penalties and minimum required distributions.

For instance with a 457 retirement savings plans (also called deferred compensation plans):

There isn’t a minimum retirement age.
There isn’t a 10% federal penalty for early withdrawal of funds, although withdrawals are subject to ordinary income taxes.
There is a withdrawal option for unforeseen emergencies that meet certain legal criteria, if all other financial resources are exhausted
Distributions are available in a lump sum, annual installments or as an annuity

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