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Council reviews possible 401(k) match; 3% match estimated at about $140,000
Summary
Staff estimated a 3% city 401(k) match would cost roughly $140,000 (with $69,000 going to employees already contributing 3%+); a 1% match was estimated at about $49,000. Councilors asked for more discussion before a decision.
Staff presented cost estimates for a city 401(k) employer match. Under one model, a 3% match would cost approximately $140,000, with about $69,000 of that flowing to employees who already contribute 3% or more. "If we did 3 percent match... they would all get a $69,000 match... the cost of the 3% match is likely about a $140,000," staff said.
The presenter said a 1% match would cost roughly $49,000. Council members acknowledged the program's value but noted there are other benefit priorities and budget constraints; they deferred a final decision pending further budget work.
