 |
|
|
RECREATION DEPARTMENT MANUALS AND REGULATIONS
EMPLOYEE ORIENTATION MANUAL
Pension Plans
All permanent City employees are enrolled in a pension plan. Most employees appointed before 10/01/92 are enrolled in Pension Plan "J"; employees appointed after 10/1/92 are enrolled in Pension Plan "Y". Employees terminating with less than ten continuous years of service must withdraw their entire pension contribution. Employees with ten or more years of service who terminate their City employment may leave their contribution in the pension plan and collect a pension based on the number of years of service at the minimum retirement age of their respective pension plan.
Below is a brief comparison of some of the features of each plan:
The Human Resources Office or Board of Pensions can answer specific questions about the pension plans and (early) retirement benefits. Also, keep in mind that you may be eligible to purchase pension service credits for prior City/State/Federal employment that has not been credited to your pension. Appropriate application forms are available in the Human Resources Office.
457 Deferred Compensation Plan
The City offers a 457 Deferred Compensation Plan that allows full-time employees to participate in a secondary retirement plan. Under this plan, employees can contribute pre-tax dollars through voluntary salary deferral to supplement their existing retirement and pensions benefits. Contributions and earnings on contributions grow tax-deferred until money is withdrawn.
Additional information concerning this program, including application forms and contribution limits, is available through the Human Resources Office or by contacting a Great-West Benefits Corporation representative at 215-496-7475.
Next Page - Resignation and Retirement
|
 |
|
|
|