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Board considers expanding retirement match eligibility and increasing city 401(a) match cap for newer hires
Summary
City staff and the pension committee recommended amending the voluntary defined-contribution matching program for employees hired on or after Jan. 1, 2017 by removing a two-year waiting period and increasing the match cap from 2% to 3%; staff said implementation would be January 2026 and projected future budget impacts.
The Board of Mayor and Aldermen heard staff and employee pension committee recommendations on Resolution 2025-73 to amend the city’s voluntary defined-contribution matching program for employees who are members of the state pension system.
Christine (staff), presenting the proposal, said the change would: (1) remove the two-year waiting requirement…
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