The Town offers employees a variety of Defined Contribution Retirement Plan Options. These plan investments selected by employees are managed by ICMA-RC, and employees participate in 401(a), 457, and other plan offerings. ICMA-RC, the plan provider, and other attributes of the plan including investment policies are overseen by the Defined Contribution Plan committee. The Employee Retirement Benefit Guide provides additional information.
In accordance with Town Resolution and administrative policy governing the Committee, the Town Manager is a fiduciary for the Plan and is responsible for making the final decisions related to the operation of the Plan. The Committee acts in an advisory role and is responsible for making recommendations to assist the Town Manager in exercising his fiduciary duty. In addition to its advisory duties, the Committee has the authority to adopt, implement and administer a communication and education plan for the members. The Human Resource Director is responsible for the coordinator of the plans.