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Board approves adding Roth 401(k) and Roth 457(b) options for employees
Summary
The Stansbury Park Improvement District board unanimously approved adding Roth 401(k) and Roth 457(b) options through the Utah Retirement System at no cost to the district; staff will return with cost estimates for employer matching at 1%, 2% and 3%.
A Utah Retirement System representative told the Stansbury Park Improvement District board that URS is migrating to a new website and will make Roth retirement options available to district employees at no cost to the district. “They're shutting down, for a few weeks in March to move over to their new website … In the meantime … they are now gonna offer Roth 401(k) and Roth 457(b), which is no cost to the district,” the representative said.
Board members discussed whether the district should offer an employer match and asked staff for a cost comparison at different match levels. The district manager said he would prepare a chart showing the effect of 1%, 2% and 3% matches for employees who meet the eligibility hours. Board member (speaker S3) moved to add the Roth 401(k) and Roth 457(b) options for employee contributions; Board member (speaker S4) seconded the motion. The board voted “aye” and the motion passed unanimously. Staff said they will return to the next meeting with comparative figures, including current URS pension contributions for the district.
