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The City of Norcross participates, through the Georgia Municipal Association, in a defined contribution plan for retirement. The City funds 7% of this plan and employees contribute 3%. This plan is referred to as a Defined Benefit and is not optional.

Vesting in this plan takes place in 5 years. Early retirement (or full retirement for certified police – after 20 years of service) takes place at 55. Full retirement occurs at 62 or 65, depending on service years. Calculations for retirement benefit include averaging the five highest paid years; the service years and age at retirement. Retirement through this plan includes beneficiary options.

457(b)/401(a) Deferred Compensation Retirement Plans
Norcross employees have the choice of two providers for the 457b plan. Contributions are designated through a representative, who assists in selecting funds for investment. This deduction occurs on a bi-weekly basis. The City of
Norcross matches the employee contribution by 50% up to 3% of the employee’s salary. Employees may contribute the maximum that federal law allows for any given year but the City will only contribute 3% of the yearly salary (if contributions are 6% or more). Employees are vested immediately in this plan. This plan is referred to as Deferred Compensation and is voluntary.