Go To Search
ResidentsBusinessCity ServicesDepartmentsHow Do I?
Click to Home
Optional Pension Plans
401 (k) or Roth 401 (k) General Employees
  • Carrier: Great West Life. Employees may contribute up to 100% of their monthly salary to a maximum of $18,000 annually, tax deferred. Employees over 50 may contribute up to $24,000 annually. Employees are eligible date of hire. Village will match up to 3% after six months of service.
  • Vesting period: Two years - 20%, three years - 40%, four years - 60%, five years - 80%, six years - 100%. Employees may make either pre-tax deferrals to a Traditional 401 (k), or post tax deferrals to a Roth 401 (k). A Traditional 401 (k) will be taxed at the time of distribution, while a Roth 401 (k) will not be taxed at the time of distribution.
  • Investment options: Guaranteed funds and variable funds.

401 (k) or Roth 401 (k) Commissioned Officers
  • Carrier: Great West Life. Commissioned employees may contribute up to 100% of their monthly salary to a maximum contribution amount as established by the IRS on an annual basis, tax deferred.  No village contribution. Eligible date of hire. Employees may make either pre-tax deferrals or contribute to a Roth 401 (k) with an after tax deferral.
  • Investment options: Guaranteed funds and variable funds.

457 Deferred Compensation (General Employees)

  • Carrier: Great West Life. Employees may contribute up to 100% of their monthly salary to a maximum of $18,000 annually, tax deferred. Employees over 50 may contribute up to $24,000 annually. Employees are eligible date of hire. City will match up to 3%* after six months of service. Matching contribution will be made to 401(k).
  • Investment options: Guaranteed funds and variable funds.

*Matching contribution of 3% will be made based on participation in either the 401(k) or 457 for a total of a 3% city contribution. Matching contribution will be directed to the 401(k).

457 Deferred Compensation Commissioned Officers
  • Carrier: Great West Life. Commissioned employees may contribute up to 100% of their monthly salary to a maximum of $18,000, tax deferred. Employees over 50 may contribute up to $24,000 annually. No village contribution. Eligible date of hire.
  • Investment options: Guaranteed funds and variable funds.