The Defined Contribution pension is a 401(k) plan. The account is named after the Internal Revenue Service (IRS) subsection 401(k) of the IRS Code.
The 401(k) plan is for general employees excluded from the ERS hired on or after April 1, 2012. The ERS was closed to general employees by City Ordinance 12 to 27. Under the plan, retirement savings contributions are provided by the employee and matched by the employer.
The Defined Contribution plan is administered and monitored by an Oversight Committee created by City Resolution 14 to 128. The Oversight Committee is comprised of seven members - four members nominated by the Mayor and one member nominated from each union (AFSCME, IAFF, and PBA).
To access more information on the Defined Contribution (401k) Plan, please visit ICMA-RC.