Deferred Compensation allows participants to defer a portion of their salary
on a pre-tax basis, for investment purposes. Great-West/Benefits Corp. and ICMA-RC are the two plans currently offered. Each of these plans have different investment options in all risk categories.
- The City provides all benefited employees the opportunity to enroll in an IRS Section 457 deferred compensation plan.
- The City provides for executive level employees the opportunity to enroll in an IRS Section 401(a) deferred compensation plan. This plan allows participants to defer a percentage of their salary on a pretax basis for investment purposes. ICMA-RC currently administers the 401(a) plan.