Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension Retention topic
No spam. Unsubscribe anytime.
Beaver County staff propose 2% employer 401(k) match to boost recruitment and retention
Summary
County HR outlined a proposal (Resolution 2025‑20) to match employee 401(k) contributions dollar‑for‑dollar up to 2% of eligible pay, funded from pension amortization savings; commissioners expressed support but deferred formal approval to a later meeting.
Human resources staff presented a proposal to establish a county employer match of 100% on voluntary employee 401(k) contributions up to 2% of eligible compensation. The presenter described the measure as a retention and recruitment tool and said the county has budgeted conservatively by assuming full participation for initial budgeting purposes.
Staff explained the funding mechanism: recent reductions in the amortization rate for the county's URS pension liabilities have produced budgetary savings. The presenter said a 7% reduction in the amortization rate has already helped and, depending on participation and future amortization reductions, the county could fund the program from those savings without raising taxes.
The proposal would be available to full‑time, benefit‑eligible county employees; certain post‑retiree members covered by URS rules were excluded because of plan constraints. Commissioners praised the idea and indicated support but opted to finalize the resolution and signature process at a subsequent meeting with the resolution (identified in the packet as Resolution 2025‑20) routed for formal approval.
No final vote to adopt the matching program was taken at the Dec. 2 meeting; staff were instructed to bring the resolution back for formal action and signature processing in the coming week.
