RETIREMENT SAVINGS
401(a) Retirement Plan
Eligible employees are automatically enrolled in the 401(a) retirement plan upon hire. The 401(a) plan requires you to contribute a portion of your base salary to the plan on a pre-tax basis. The City also contributes to your account to help you build savings.
When you enroll, you will choose the funds you want to allocate your retirement dollars to.
Vesting Schedule: Your payroll contributions are always 100% vested. You must "build ownership" of any employer contributions based on your years of service as outlined in the tables below.
General Employees
- You contribute 2% of your base salary
- The City contributes 5% of your base salary
Vesting Schedule for General Employees
Sworn Police and Fire Employees
- You contribute 10% of your base salary
- The City contributes 13% of your base salary
Vesting Schedule for Police & Fire Employees
457 Deferred Compensation Plan
If you wish to contribute additional pre- or post-tax retirement dollars, you may choose to enroll in the Mission Square 457 plan.
Personal 457 Contributions
You may enroll in the 457 plan at any time and contribute 1% to 100% of your wages on a pre- or post-tax basis up to the IRS annual limit.
Employer Matching Contributions
Employees who participate in the 457 plan receive an additional employer matching contributions.
The City will match your 457 contribution, dollar for dollar, up to 3%. Employer matching contributions are deposited into your 401(a) plan.
