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2017 Benefits Book

457 General Employees • Employees may contribute immediately after employment. • Employee contributions can be in dollars or percentages up to the maximum IRS limits, which change each year. Firefighter • Firefighter eligibility begins the second payroll following 30 days of employment. • Employee contributions must be in percentages up to the maximum IRS limits, which change each year. Police Officers • Police officers may participate in the 457 program with their own money with no City contribution. • Employee contributions can be in dollars 401(k) General Employees & Firefighters • Effective January 16, 2007, 401(k) was offered to all employees.

or percentages up to the maximum IRS limits, which change each year.

earnings to the State 401(k) plan. • Officers are eligible the first pay period after being sworn. • Employee contributions can be in dollars or percentages up to the maximum IRS limits, which change each year. Withdrawals • Participant loans are allowed, but have adverse impacts on your account. • Withdrawals are only permitted at termination, retirement, death or in the event of a hardship. • There are no early withdrawal penalties prior to age 59 ½. • Minimum distribution to the participant must begin at age 70 ½. Limitations • Yearly maximum contributions set by the IRS are allowed in addition to contributions to the 401(k) plan. • Investment and contribution changes can be made any time. • Suspension of contributions can be done at any time by contacting ICMA-RC or the City Payroll division.

-Sandy Land and Christine Moore, Metro 9-1-1

Police Officers • The City contributes 5% of pensionable

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