457 Plan. The City will offer to all its full-time employees the option of participating in the 457 Retirement Plan. The employee has the option to have the City contribute its 5% of his/her gross wages and/or the employee can contribute an additional amount as allowed by federal regulations. Enrollment requirements, employee contribution (for the Maine State Retirement System only), city contribution and benefit provisions shall be determined by state statute and/or City Council action.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement