Services include savings and checking accounts, loans, payroll deduction, and direct deposit. The City's retirement Thrift Plan consists of a Defined Benefit and a Defined Contribution portion. The deferral election is made at the time of employment and may not be changed. Therefore, employees are advised to give considerable thought to their decision of what percent to contribute. The City will make a matching contribution of 50 cents for each dollar contributed.
Employees have different investment fund options in which to direct contributions.
The investment direction may be changed biweekly. Normal retirement is age 60. The Defined Benefits portion of the Thrift Plan is based on a percentage of average annual salary multiplied by length of credited service. Police Officers contribute 8.5 percent of their earnings on a pre-tax basis to a defined benefit pension plan. Normal retirement for police officers is permitted at the earlier of age 60 or after 25 years of service, regardless of age.