The Human Resources department wanted to make employees aware that the Defined Contribution Changes and the Retirement Savings Account changes that were negotiated with your most recent tentative agreement will be implemented pay of 5/26/17. The changes encompass:
Defined Contribution Plan
- The city contribution was increased from 7% to 9% of employee’s gross base wages.
- The employee contribution will remain the same at 5% of employee’s gross base wages.
Retirement Health Savings Account
- The addition of a bi-weekly employee contribution of 1% of employee’s gross base wages. Because of the employee contribution you will notice that your paycheck will be slightly lower.
- The city contribution of $40 per month was increased to a bi-weekly city contribution of 3% of employee’s gross base wages.
If you have any questions or concerns please contact the Human Resources Department at 248-246-3070.