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Kissimmee commission votes to adopt 401(a) retirement option for elected officials
Summary
The City Commission approved a 401(a) defined-contribution retirement option for commissioners (option B), with staff recommending city contributions equal to 21% of salary and a vesting requirement of at least one term.
The Kissimmee City Commission voted unanimously to approve a recommended retirement option for elected commissioners, adopting a 401(a) defined-contribution employer-sponsored plan (option B).
City Manager Mike Steigerwald briefed commissioners on the recommended plan, explaining it operates similarly to a 401(k) but is a 401(a) because it is a public-sector employer-sponsored plan. He said city contributions would be discretionary and…
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