Only full-time Powder Springs city employees will benefit from the new retirement plans approved 5-0 by the City Council earlier this month.
The voluntary plans are the 401a retirement profit-sharing defined contribution plan and 457 deferred compensation plan that will be administered by the ICMA Retirement Corp., the city’s Finance Director Diana Belanger said.
City employees may choose to commit up to four percent of their annual salary with a two percent match by the city, she added.
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