For represented staff, retirement benefits are outlined in the individual collective bargaining agreements which can be found under the employee relations tab on the HR website or by clicking: Town's Collective Bargaining Agreements.
ICMA - 401(a)
Full-time, regular, non-represented employees participate in the Town's ICMA-RC 401(a) plan. Under this plan, the Town contributes an equivalent of 10% of the employees annualized salary and the employee has a mandatory contribution of 6%. Employees are immediately vested upon hire. Contributions into the 401(a) plan are pre-tax and reduce your taxable income.
ICMA - 457 Retirement Savings Plan
All regular Town employees are eligible to participate in the Town's 457 plan. The maximum amount an employee can contribute on an annual basis is determined by the Internal Revenue Code (IRC). A 457 plan is designed to supplement your retirement income. While a pension and/or Social Security may go a long way, they are unlikely to be enough. Saving to your 457 plan can help you maintain your desired standard of living. Contributions into your 457 plan are pre-tax and reduce your taxable income for the year.