Deferred Compensation Plan
DEFERRED COMPENSATION PLAN
The Deferred Compensation Plan allows you to set aside money during your peak earning years and receive its value later when you may be in a lower tax bracket. Amounts you elect to save are before tax dollars and any investment earnings on these dollars are allowed to accumulate on a deferred tax basis. This Program may substantially reduce current income taxes and will certainly help provide future financial security. Full details of the Plan are available in the Human Resources Department.
When employees become eligible for one of the City’s Pension plans, they may continue to contribute to a deferred compensation plan. The City will not contribute to the employees’ deferred compensation plan once they are eligible to participate in the pension system.