The City provides a Defined Benefits Plan (pension) for employees. Employees are required to participate in the plan. Employees are eligible to participate in the defined benefits plan on the first day of employment. Employees become vested and eligible for pension benefits under the pension plan upon completion of five (5) years of employment. Employees hired after November 1, 2011 will contribute three percent (3%) of gross salary toward their Defined Benefit and the city will contribute seven percent (7%).
Employees can elect to contribute to a Deferred Contribution Plan 457b plan up to the federally authorized legal contribution limit per calendar year. The City will match 50% of the employee’s 457b plan contribution to a maximum of three percent (3%) to the employee’s six percent (6%). The City’s match will be made into a 401(a) plan. The employee shall have the ability to direct his/her contribution into the investment choices offered by the external deferred contribution plan administrator.
Employees are eligible to participate in the deferred contribution plan on the first day of the first full pay period, and are vested immediately.