Cobb County Government

Fund Lineup Change Notification

Message from the Board of Trustees

ICMA-RC fund lineup change notification

New funds for Cobb County Government

 
Traditional Plan

(For vested employees hired prior to January 1, 2010)

 

Hybrid Defined Benefit/Defined Contribution Plan

(For all employees hired after December 31, 2009, and those non-vested employees who elected this Plan)

 

 

 

 
457 Deferred Compensation

Contribution limits are determined by the Internal Revenue Service (IRS). The table below shows the retirement plan contribution limitations applicable for 2018.

Limitations 2018 2017 2016
457
Annual Deferral Limit for 457 Plans $18,500 $18,000 $18,000
“Pre-Retirement” Catch-Up Limit $18,500
($37,000 total)
$18,000
($36,000 total)
$18,000
($36,000 total)
“Age 50” Catch-Up Limit $6,000
($24,500 total)
$6,000
($24,000 total)
$6,000
($24,000 total)
401
401 Defined Contribution Plans – Annual Additions (§415(c)(1)(a)) $55,000 $54,000 $53,000
401 Defined Benefit Plans – Maximum Annual Benefit* (§415(b)(1)(a)) $220,000 $215,000 $210,000
401 Annual Compensation Limit** (non-grandfather/grandfather) (§401(a)(17)) $275,000/
$405,000
$270,000/
$400,000
$265,000/
$395,000
Annual Deferral Limit for 401(k) Plans (§402(g)) $18,500 $18,000 $18,000
401(k) “Age 50” Catch-Up Limit (§414(v)) $6,000
($24,500 total)
$6,000
($24,000 total)
$6,000
($24,000 total)
IRA
Maximum Annual Addition $5,500 $5,500 $5,500
“Age 50” Catch-Up Limit $1,000
($6,500 total)
$1,000
($6,500 total)
$1,000
($6,500 total)

* Special limitations apply to defined benefit plans. Please contact your defined benefit plan administrator should you require additional information.

** OBRA 1993 provided a governmental exception for the maximum compensation limit that grandfathers certain employees under the 1993 compensation limit of $235,840. Employees eligible to participate in a governmental plan, utilizing the ICMA-RC plan document, prior to January 1, 1994, are subject to the maximum compensation limit of $235,840 as indexed and shown above as the “grandfather” limit. Employees eligible to participate in a governmental plan, utilizing the ICMA-RC plan document, after January 1, 1994, are subject to the maximum compensation limit of $150,000 as indexed and shown above as “non-grandfather” limit.

 

 
Questions?

ICMA Retirement Corporation:
www.icmarc.org

Client Services:
1-800-669-7400

Melissa Doughty (Public Safety Employees):
1-866-328-4673
Cell: 202-288-7820
mdoughty@icmarc.org

Lorraine Rodriguez (Non-Public Safety Employees):
1-866-630-3042
Cell: 202-957-6244
lrodriguez@icmarc.org

Human Resources Benefits Division:
770-528-2541

 

 
Resources

Rule of 80 Retirement Calculator (xls)

ICMA-RC Fund Sheet (Information Only)

ICMA-RC Trustee-to-Trustee Transfer to the ICMA Retirement Corporation Packet

ICMA-RC Retirement Education Center

 

 
Roth IRA

Cobb County offers a Roth IRA administered by ICMA Retirement Corporation. Saving through a Roth IRA allows employees to withdraw earnings on a tax-free basis, assuming certain conditions are met. Employees have access to their principle savings anytime without taxes or early withdrawal penalties.

Roth IRA
Eligible Employees Full and part time
Minimum Contribution $10 per bi-weekly (post-tax)
Maximum Contribution Per IRS Regulations (currently $5,000 annually)
Enrollment Period Year-Round
Principal Withdrawal Period Year-Round
Principal and earnings withdrawal age restriction Principal can be withdrawn at any time without penalty
To withdraw earnings, must be age 59 1/2 and have a minimum of 5 years in plan
Group # 705408  

 

 
Forms & Resources

ICMA-RC Roth IRA Payroll Deduction Authorization

ICMA-RC Roth IRA Application (Start-Up Application)

ICMA-RC Roth IRA Fund Sheet (Information Only)

IRA Withdrawal Form

 

 
2017 Board of Trustees Meeting Schedule

The Cobb County Retirement Board of Trustees, hereby designates the following dates of its regular Board meetings for the calendar year 2017.  Meetings will be held in the:

Board of Commissioner's Board Room
100 Cherokee Street, 3rd Floor
Marietta, GA 30090

Tuesday, Feb. 7, 8-9:30 a.m.

Tuesday, May 2, 8-9:30 a.m.

Thursday, June 15, 8-9:30 a.m.

Tuesday, Aug. 1, 8-9:30 a.m.

Tuesday, Nov. 7, 8-9:30 a.m.

Wednesday, Dec. 6 at 2 p.m.

 

2018 Meeting dates

Tuesday, February 6, 2018 @ 8:00 a.m

Tuesday, April 3, 2018 @ 8:00 a.m.

Tuesday, June 5, 2018 @ 8:00 a.m. – 10:00a.m.

Extended meeting to accommodate Actuary Report Review Tuesday, August 7, 2018 @ 8:00 a.m.

Tuesday, October 2, 2018 @ 8:00 a.m.

Tuesday, December 4, 2018 @ 8:00 a.m.

 

 

 

 
Pension Reports

Cobb County Employees Retirement System Asset Allocation Summary as of 09/30/2017

Quarterly Retirement Activity Report as of 09/30/2017

Employee Pension Summary Report as of 09/30/17 (Suntrust)

 

 
Policies and Documents

Board of Trustees

Board of Trustees Governance Policies

Defined Contribution Investment Policy Statement

Defined Benefit Investment Policy Statement

Cobb County Government Employees Pension Plan Working Copy (March 31, 2017, to include all approved amendments)