Retirement Programs
Benefit Summary

The Town offers generous retirement benefits to help employees prepare for the future. Programs are described below:

Administrative Staff Employees

Employees are eligible to save for retirement through 401(k) and 457 deferred compensation plans administered by ICMA Retirement Corporation (ICMA). Regular full-time and part-time employees are eligible to participate in these plans when hired.

The Town makes a basic contribution of 5% to an employee's 401(k) account each year. Then, for the first 3% an employee saves on a pre-tax basis, they receive a 100% Town match. In addition, for the next 3% contributed, they receive a 50% match. Under the 401(k) Plan, employees have the opportunity to receive Town matching contributions on the first 6% of pay saved.

Employees are always 100% vested in the amounts they contribute to these savings plans and on the investment earnings on that money. For Town contributions, vesting is incremental, based on years of service, with full vesting occurring at 5 years.

Fire & Rescue Division Employees

Designated Fire & Rescue Division employees are eligible to participate in the Police Officers Retirement System (PORS), a defined benefit retirement plan. Contribution Rates, as a % of pay for new hires are 6.5% for the employee and 10.3% for the Town.

Under this plan, employees are entitled to receive a future retirement benefit after five years of service. Employees are always fully vested in their own contributions. If employees choose to waive their retirement benefit by withdrawing their contributions and interest, they lose the Town's contributions. Upon retirement, employees receive a monthly pension based on salary and years of service.

As a PORS participant, employees can save additional money for retirement by contributing to the Town's 401(k) or 457 Plans. While the Town will not match the 401(k) contributions of PORS participants, the 401(k) Plan is still an excellent option for increasing retirement savings on a pre-tax basis.

VantageCare Retirement Health Savings Plan

The VantageCare Retirement Health Savings Plan is designed to provide Town retirees with support for payment of retiree medical expenses and encourage reduced use of sick leave by employees. 

Tthe Town will defer into individual employee ICMA investment accounts 100% of the value of forfeited sick leave (hours in excess of the cap as of 12/31).

Upon retirement from the Town, this account may be used for reimbursable medical expenses eligible under IRC Section 213.  Employees who terminate employment prior to reaching retirement eligibiltiy will forfeit employer contributions made to their account.