Does the city offer any Deferred Compensation programs?
Yes, the city does offer a tax-exempt savings benefits known as a government 457(b) deferred compensation plan. These plans accept payroll-deducted contributions for participant-directed investing and are intended to help public employees like you meet long-term objectives, such as generating retirement income. Acts similar to a 401(k) where the deduction reduces the gross wages, so less federal and state tax is taken. Various investment options are available with each plan. It is tax deferred until the employee starts receiving money from the plan.

Three companies are currently available to choose from:
Mass Mutual Life Insurance
Ohio Public Employees Deferred Plan
Pacific Life

(Deductions are made every pay, 26 pays)

The maximum allowed per year is as follows (for 2016):

Over
Normal Age 50
$18,000 $24,000

Withdrawal of money from the plan while still employed by the city is limited to extreme financial emergencies as defined by IRS code. (There is a loan option available from the Mass Mutual plan.)

Contact Lisa Benedetti at 440-442-2626 x204 for contact information for any of the above listed companies.

Show All Answers

1. What is our medical insurance carrier name, group number and contact information?
2. What is our dental carrier name, group number and contact information?
3. What is our vision carrier name, group number and contact information?
4. Where can I find covered services under our medical insurance and dental/vision insurance?
5. How long is my child covered under our insurance?
6. What is our medical insurance deductible
7. Do we have a copay on our medical insurance?
8. Can you explain our HRA?
9. Can you explain our HSA?
10. Does the city provide life insurance to employees?
11. What is an Employee Assistance Program?
12. What should I do if I am injured on the job?
13. Do we have a home delivery option for prescription drugs?
14. How can I find an in-network doctor or facility?
15. How can I compare costs of doctors and facilities?
16. How can I obtain an additional id card?
17. Can we use "teledoc" services?
18. What additional programs are available through our medical plan?
19. Does the city offer any Deferred Compensation programs?
20. Does the city offer any Supplemental Benefits?
21. How do I access my voicemail remotely?
22. How do I access my email remotely?
23. What is the difference between a deductible, copay, coinsurance and out of pocket maximum?
24. How can I track my medical, dental and vision claims and their payments?
25. How can I reduce my healthcare costs?