Retirement System Administration

The City's retirement system consists of a defined benefit pension plan and a defined contribution deferred compensation plan (a 457 plan). The pension plan's objective is to accumulate a pool of assets sufficient to meet the obligations of the system at the lowest possible cost to the City. The deferred compensation plan enhances the retirement benefit for retired employees by means of wage and salary deferrals and investments under section 457 of the Internal Revenue Code. 

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