Retirement Plans

401(a) contributions begin on the first month following 60 days of full-time employment.

FOPE

• City of PSL will contribute 11.4% of a full-time employee's gross income to their 401(a) plan
• Full-time employees will contribute 1% of their gross income into the same 401(a) plan
• 5-year vesting requirement if under the age of 55
• Age 55+, employees are automatically vested

OPEIU

• City of PSL will contribute 11.7% of a full-time employee's gross income to their 401(a) plan
• Full-time employees will contribute 2% of their gross income into the same 401(a) plan

Non-Union, Non-Sworn

Hourly (non-exempt):

• City of PSL will contribute 12% of a full-time employee's gross income to their 401(a) plan
• Full-time employees will contribute 3% of their gross income into the same 401(a) plan
• 5-year vesting requirement if under the age of 55
• Age 55+, employees are immediately vested

Exempt:

• City of PSL will contribute 12% of a full-time employee's gross income to their 401(a) plan
• Full-time employees will contribute 3% of their gross income into the same 401(a) plan
• Employees are immediately vested

Eligible on the date of hire for full or part-time employees.

• Sworn Officers will contribute 9% of their gross income; reduced to 5% upon reaching 100% of their benefit before retirement eligibility
• 5-year vesting requirement
• For overtime hours exceeding 300 hours in a Fiscal Year, the employee's 9% or 5% will cease only on overtime hours; the city will contribute 10.5% into a 401(a) plan on the overtime hours
• Retirement Options:
  • Early retirement
    • Age 50 with 10 years of eligible service
  • Normal retirement
    • Age 52 with 25 years of eligible service
    • Age 55 with 10 years of eligible service
• DROP participation is up to 60 months
• Other FSS 185 rules apply
• Sworn Officers can seek through the Retirement Office a copy of Summary Description through Ordinance 20-31