The City makes available to eligible employees a deferred compensation plan under IRS Section 457B. A 457B plan is similar to a 401K, but is restricted to governmental entities and has some features which differ from a 401K. Employees may defer income from the City into the plan on a tax deferred basis. The City reimburses employees up to $10 of the first $20 deferred into the legacy plan.
** Starting January 1, 2026, active employees participating in the City’s Pension Plan H and hired on or after January 1, 2013 will be eligible for a matching contribution. - Click here for full details
New Matching Schedule
| Years of Service |
Your Contribution |
Matching Contribution |
| End of First Year |
1% |
1% |
| End of Second Year |
2% |
2% |
| End of Third Year or More |
3% |
3% |
Important Changes to Contributions
Currently, with the legacy plan, you can contribute using a fixed dollar amount. However, starting January 1, 2026, only percentage-based contributions will be allowed if you want to receive the City’s matching percentage contribution as outlined above. If you do not elect a percentage-based contribution or are on a legacy pension plan, the $10 City contribution per pay period will continue and will now be deposited directly into your Empower account.
This 2026 change means your contributions will automatically increase as your pay increases. You can also elect the contribution accelerator, which increases your contribution percentage annually. Any contribution changes after January 1, 2026 will be required to be a percentage-based contribution.
Employees Decide
Each employee determines the approved accounts, including investment accounts, that the employee's deferred income is placed in and may move the funds among the approved accounts at any time.
Click here for Deferred Comp FAQs with a link to schedule a meeting with the City's Retirement Counselor, Ben Dickinson:
FAQs
|
DEFERRED COMPENSATION COMMITTEE |
The Deferred Compensation Plan is overseen by a committee made up of a representative of the Employee Benefits Office, a representative of the Law Department, and a representative of the Pension Board as well as four employee representatives selected by the Mayor. The committee approves the accounts available within the plan.
The
Deferred Compensation Committee is advised by
SageView Advisory Group, LLC under a contract with the City. SageView is paid from the total funds of the Deferred Compensation Plan.
Empower (formerly Prudential Retirement Services) is the record keeper for the plan. Empower receives the deferred funds and distributes them to the approved account options selected by employees. Empower maintains contracts with the account managers and is paid by those account managers from the funds within the accounts.
Empower Retirement Help Number
1.800.701.8255 weekdays from 8am to 10pm Eastern Time
1.303.737.7249 from outside the U.S.
TTY number 1.800.345.1833
Empower Number for Withdrawals:
1.877.534.4569
Empower Number for Beneficiary Services, QDRO, Hardships:
1.866.442.3888
Online
www.EmpowerMyRetirement.com
City's Dedicated Retirement Counselor, Ben Dickinson:
865.431.1489
Schedule a phone call or meeting with Ben
HERE.
PersonalSAGE
Our consultant, SageView, gives you access to speak with a certified financial planner to help you plan for retirement. More information is available on
this PERSONAL SAGE Flyer [PDF]. Visit
www.mypersonalsage.com to get started.