Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Employee Benefits topic
No spam. Unsubscribe anytime.
Retirement counselor urges 1% employer 401(k) match to aid recruitment and retirement readiness
Summary
Tammy Ezell, a retirement counselor, urged Caswell County to adopt a 1% employer match in its 401(k) plan to improve recruitment and retirement readiness; she offered to provide county‑specific cost and participation data if staff provide payroll and salary expense figures.
Tammy Ezell, a retirement counselor who works with local governments, urged the Caswell County Board of Commissioners on April 6 to consider an employer contribution—suggested at 1%—to the county’s 401(k) plan to help employees save for retirement and strengthen recruitment and retention.
"Again, my name is Tammy Ezell, and I have 24 years of experience working with the state plans," Ezell told the board. She noted surrounding counties—Rockingham, Stokes, Person, Guilford and Alamance—offer employer matches and that even a 1% match has proven useful as a retention tool. Ezell said an employer match can produce savings compared with a cost‑of‑living raise because it can reduce certain retirement system and FICA costs for the employer; she offered to run county‑specific spreadsheets showing participation rates and a cost comparison if payroll and salary data are provided.
Commissioners asked for an estimate of the county cost for a 1% match; staff said they could compute that if payroll/salary expense figures are supplied and Ezell said she could provide participation data and calculate the county‑specific savings. A follow‑up assignment was made for the manager, payroll and HR to supply necessary data so staff can present estimated fiscal impacts during budget deliberations.
No formal motion was taken on April 6; commissioners said they would consider the item during budget review and requested the county manager and payroll staff work with Ezell to provide the analysis.
Ezell said the match is a common tool used by neighboring counties and that she would send the county an employer wellness/participation report upon request.
