ICMA-RC Deferred Compensation Plan (IRS Section 457(b) Plan)
Voluntary employee participation. Maximum $19,000 for 2019 calendar year - multiple investment options available. The City contributes a flat match of $10.00 per pay period if the employee contributes at least $10.00 per pay period.
Local Government Employee Retirement System (LAGERS)
Firefighters are offered a retirement plan through the Local Government Employees Retirement System (LAGERS). The current Benefit
Program is L-11. Effective July 1, 2020, the City of Springfield contributes 21.70% of wages toward this benefit for Firefighters.
Pension calculation: 2.5% x final average salary (average of 36 highest consecutive months in the last 120 months) X years of service credit = monthly benefit.
A LAGERS member is vested (guaranteed a benefit) after 5 years of service credit within the LAGERS system. Firefighters are eligible to retire with unreduced benefits at age 55. A vested employee may elect to retire with reduced benefits up to 5 years earlier than the normal retirement age.
Employees in this benefit program do not participate in Social Security.