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HWMA considers 3% or 5% 457 match but defers decision to January
Summary
After a staff presentation on optional employer matches to employee 457 plans, the HWMA board discussed participation, turnover benefits and budget impacts and directed staff to return in January with draft budget language and feasibility results; no match was approved Nov. 13.
The HWMA board debated whether to offer an employer match to employees’ voluntary 457 retirement plans at its Nov. 13 meeting but stopped short of approving a match, directing staff to return with draft language and budget detail at the January board meeting.
Staff reminded the board that HWMA employees participate in CalPERS (with classic and PEPRA classifications) and that the 457 plans are voluntary supplemental retirement accounts. Staff presented participation data showing 30 filled FTE positions out of 35 authorized, with 11 employees currently participating in available…
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