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Layton City Policy

Personnel Policy Manual

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3203 - Retirement

General

All City employees participate in Social Security. Employees eligible for retirement benefits participate in the State Retirement System and/or an alternate retirement system.
In addition to Social Security, eligible employees hired prior to February 7, 1992 receive a retirement benefit of 20% of salary, of which, the required State Retirement System contribution is paid first, then any remainder is paid into an ICMA 401(a) account. Eligible employees, other than members of the executive staff, hired on or after February 7, 1992 receive the required employer contribution to their State Retirement System account.

Effective April 24, 1994, executive staff employees hired on or after February 7, 1992 received a retirement benefit of 15% of salary. Effective January 1, 2003, executive staff employees hired on or after February 7, 1992 shall receive a retirement benefit of 20% of salary. Executive staff employees hired prior to February 7, 1992 have been previously grand fathered at 20% of salary.

Employees in certain administrative or elected positions may have an option to exempt themselves from the State Retirement System and have an equal amount deposited into an ICMA 401(a) account instead.

For detailed information about these systems and enrollment procedures, contact the Human Resources Officer or your supervisor. Employees considering retiring should contact Human Resources immediately to discuss health care and other options before they set a retirement date.

Military Reservists on Active Duty

The City will continue to make retirement contributions as required by law while an employee is in active military duty.

Enacted, 7/22/1993
Amended, 4/5/1995
Amended, 1/1/1996
Amended, 12/9/1993, Previous Policy,
Minor Edit, 12/18/2003
 




 
 
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