City to recognize National Save for Retirement Week
Activities Encourage Saving for Retirement
In recognition of National Save for Retirement Week, October 19-25, the City of Edmond is hosting a Nest Egg Expo for its employees on October 23.
National Save for Retirement Week is the first congressionally-endorsed, national event calling on employers to promote the benefits of saving for retirement and the plans they offer. "This is a great way to get individuals focused on their plans for retirement" said Lisa Murray, City of Edmond's Director of Treasury Services. The goal of the program is to create a culture that encourages and values saving in the workplace and the community.
Representatives from various organizations will be on hand at the Nest Egg Expo to answer questions regarding retirement topics such as 457 Deferred Compensation Plan, the City of Edmond's Retirement Plan, the Oklahoma Firefighters Retirement Plan, the Oklahoma Police Retirement Plan, the Oklahoma College Savings Plan, U.S. Social Security and many more.
Employees can take advantage of the Expo by getting details as to how the City's Retirement Plan, established in 1966, works. Edmond's retirement program has 441 active and vested participants and 104 retirees drawing a monthly pension. A representative will be available to answer questions and give details about the plan, the earned investment returns and other information about the plan.
The City's retirement plan is a defined benefit plan, which means the plan provides a specified monthly amount to each retiree based on pay and length of service. The plan is for all non-uniformed personnel and is managed by an eleven member board. In 2000 the Pension Board hired an Investment Consultant, outside money managers and a third party administrator. Each of these key players assists the Board in professionally managing the City's Retirement Plan.
The City of Edmond has 114 participants in the Oklahoma Firefighters Pension & Retirement System, and 128 participants in the Oklahoma Police Pension & Retirement System. Both are defined benefit plans managed by the respective state retirement systems.
For more information please contact the Treasure's Office 359-4529.
Issued: October 10, 2008
