In addition to Social Security, the Town participates in a 401(a) money purchase retirement plan through ICMA Retirement Corporation. The required pretax employee contribution is 4 percent of salary, with the Town contributing 6 percent. Employees are fully vested after one year of employment. This benefit begins immediately.

457 Deferred Compensation and Roth IRA
A voluntary 457 Deferred Compensation Plan is available through ICMA. Effective Jan. 1, 2013, 457 Deferred Compensation plans allow for a maximum contribution of $17,500, plus a catch-up amount for people 50 years of age and older of $5,500. These contributions are made on a pretax basis.

Also available is a Roth IRA that allows a maximum contribution of $5,000 per year. All Roth IRA contributions are voluntary and are deducted on an after-tax basis.

Fire Department only
Instead of Social Security, the Town participates in the Fire and Police Pension Association Statewide Defined Benefit Plan for eligible Fire Department staff. The employee contribution is 8 percent, with an 8 percent employer match. The Town also contributes 2 percent to an FPPA 457 Deferred Compensation Plan. These benefits begin immediately.