(A) Other types of insurances (accident, cancer, disability, intensive care, life, long-term care, sickness, etc.) may be purchased through payroll deduction. Costs and policies vary depending upon desired insurances.
(B) 457(b) plans . The city also offers additional voluntary retirement plans through deferred compensation payroll deductions. Employees do not pay federal or state taxes on the payroll deductions. Employees are contributing to their retirement. Deferral amounts are determined each year by the IRS. Additional deferrals may be made if employees qualify. Employees can withdraw assets from these accounts under the following conditions according to IRS guidelines:
(1) Termination of employment;
(2) Retirement;
(3) Unforeseeable emergencies (subject to strict IRS guidelines); and
(4) Small accounts distributions (also subject to strict IRS guidelines).
(C) For a list of providers and further information, please refer to the City Clerk's office.
(Ord. 1061, passed 4-5-21)