The City offers three retirement plans to regular, full-time employees.
The City contributes a percentage of each regular full-time employee's gross salary annually. An employee's plan is fully vested in five years and the contribution level increases the longer you are employed.457(b):
is a supplemental retirement savings program that allows employees to make contributions on a pre-tax basis. Taxes are deferred until assets are withdrawn, usually during retirement when many people are in a lower tax bracket. This program is is an optional program.
is an opportunity to invest money on a post-tax basis. The money inside the plan can potentially be withdrawn entirely tax-free, as long as certain conditions are met. This program is administered through ICMA-RC and is optional.