Perry amends employee retirement plan options

The Perry City Council approved a resolution Feb. 26 amending the city’s employee retirement plan to provide additional flexibility between its 401(k) and 457 options. Perry City Finance Director Shanna Johnson explained the amendment allows employees to elect how their contributions are structured within existing IRS guidelines but does not increase the city’s financial obligation. “This doesn’t change the city’s contribution. It simply allows employees to elect how they want those contributions structured between the 401(k) and the 457,” Johnson told the council. A 457 plan, commonly used by state and local government employees, differs from a 401(k) in that...Article Link