The employee contribution is tax-deferred, and is refundable upon termination of employment with the City. Employees must pay into the CERS system for five years before becoming vested. These positions must be held with either a state, county, university or military employer. Other benefits provided through this retirement plan include disability, medical and death benefits. Sworn police officers and firefighters are covered under a hazardous duty provision, which has a higher benefit factor, lower retirement age, and dependent medical benefits upon retirement.
Deductions are tax-deferred, as are investment earnings.
Employees can also participate in a Roth IRA, where the deduction is not tax-deferred but funds are not taxable when disbursed. Changes in the deduction amount are allowed quarterly. The City does not make contributions to any of these plans. Employees are required to use a network of dentists. Preventative services are provided at no cost to the employee.