Other Retirement Savings Options
I. Deferred Compensation Plan (457 Plan)
Contributions are made to an account in your name for the exclusive benefit of you and your beneficiaries. The value of the account is based on the contributions made and the investment performance over time.
A 457 plan is designed to supplement your retirement income. While a pension and/or Social Security may go a long way, they are unlikely to be enough. Saving to your 457 plan can help you maintain your desired standard of living.
For additional information regarding the 457 Plan please visit the ICMA-RC 457 Plan link.
Please click here to view a video description of your 457 Plan presented by your plan representative.
II. Roth IRA
A Roth IRA is an individual retirement account that offers tax-free growth and tax-free withdrawals in retirement.
Conditions for participation are explained via the following link: ICMA Roth IRA.
Please click here to view a video description of your Roth IRA plan presented by your plan representative.
III. Retirement Health Savings Plan
The VantageCare Retirement Health Savings (RHS) Plan is designed to help you and your loved ones meet a critical expense retiree health care — through a tax-advantaged savings vehicle.
Your RHS Plan is sponsored by the City and administered by ICMA-RC. All contributions to your account are set aside exclusively for qualifying medical expenses.
Participation in the plan is mandatory and limited to the following: Police Union Employees, Fire Union Employees, Not-Represented Employees, and Professional/Management Employees.
For additional information regarding the Retirement Health Savings Plan, please visit the ICMA-RC RHS Plan website.
Click here to learn more about how Your Future Health Care Matters!
Click here to learn more about getting reimbursed for health care costs - Your Retirement Health Savings (RHS) Plan!