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Wilton finance officer outlines 457(b) municipal retirement option to Brookline board
Summary
Eric Window, Finance Officer for the Town of Wilton, presented a municipal 457(b) retirement-plan option to Brookline Selectboard members, sharing Wilton participation rates and estimating employer match costs for Brookline based on $1.85 million in annual payroll.
Eric Window, finance officer for the Town of Wilton, presented a municipal 457(b) retirement-plan option to the Brookline Selectboard at its April 14 meeting, telling the board the Wilton plan has participation rates of about 75–80% and can help with employee recruitment and retention.
Window said Wilton implemented its municipal 457(b) in 2017 and had gradually increased employer matching from 3% toward 7%. He provided Brookline-specific cost examples using the town’s annual payroll of about $1.85 million: a 1% employer match would cost roughly $18,500 and a 7% match about $129,500. He advised the board to invite brokerage companies in for presentations to review plan options and costs in more detail.
Selectboard members thanked Window for the materials and suggested saving the information for upcoming budget hearings, where the financial implications of any employer match would be considered alongside other priorities.
