The average monthly participant rollout from the County Deferred Compensation Program in 2018 and 2019 was $3.5 million, or close to $41 million per year. Included in this figure are County of San Diego deputy sheriffs and sheriffs’ management personnel with an account balance over a set threshold. On average, public safety personnel earn higher salaries and retire at an earlier age than their non-safety peers. The County analyzed its rollover activity and found its data supported the theory that public safety personnel were likely receiving attention from outside brokerage firms. Between 2014-2019, 15% of all separated deputy sheriff and sheriffs’ management roll their assets out of the plan, with 71% of those rollovers occurring within the first six months after separation from active employment. Only 39% of non-sheriff safety and 48% of non-safety rollovers occur during those same time frames. The County and Nationwide identified the deputy sheriff and sheriffs’ management audience as a population likely to roll out their assets (particularly within six months of separation) and most likely to be negatively impacted from a liquidity/tax planning standpoint, and developed a retention campaign specific to that audience. Results: a 92% reduction in both the number and amount of rollovers out was generated by the targeted campaign.
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- July 22, 2020 Create Date
- August 31, 2023 Last Updated
