July 5, 2017
This week the Marshall County Solid Waste District Board of Directors met and discussed retirement programs for the employees.
Currently they offer the 457 program The 457 plan is a type of nonqualified, tax advantaged deferred-compensation retirement plan that is available for governmental and certain non-governmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre-tax basis.
Back in 2014, when Mike Good was director of Solid Waste emails were circulated with employees about moving their retirement plan to PERF. Indiana PERF is one of the largest pension funds in the U.S. – both public and private. The fund works with more than 1,200 employers in Indiana. Fund benefits come from the contributions of public employers and members, and returns on the investment portfolio.
New director Marianne Peters asked to board for discussion, a decision and then to move forward with their determination.
It was noted that the three employees at Solid Waste are not county employees and for some time were not eligible for PERF. While the county pays 11.2% for PERF not all of that goes in for the employees, some of that money is used to manage the program. Solid Waste currently pays 6% for the 457 plan and the plan is owned by each employee. If they were to leave employment they would take their 457 plan with them.
A motion was made to remain with the 457 plan for retirement for Solid Waste District employees.