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City proposes changes to 457(b) plan including Roth option, part‑time participation and graded vesting for new hires
Summary
Tiffany Lanford, Villa Rica’s human resources director, on May 6 proposed several amendments to the city's 457(b) retirement plan tied to a recordkeeper change to Empower, including an in‑plan Roth option, part‑time participation and a five‑year graded vesting schedule for new hires.
Tiffany Lanford, Villa Rica’s human resources director, presented proposed amendments to the city’s 457(b) retirement plan as the city moves recordkeeping from John Hancock to Empower. Council placed the plan changes on the consent agenda for consideration at the May 13 meeting.
Lanford said the new recordkeeper offers an in‑plan Roth option, which the city does not currently provide. The proposed plan changes would:
- Add an in‑plan Roth option and allow in‑plan…
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