In order to supplement the retirement benefits provided by the CRS, employees of the City of Cincinnati are provided with the opportunity to invest in two deferred compensation programs. City of Cincinnati employees are eligible to participate through payroll deductions in deferred compensation programs administered by the ICMA Retirement Corporation and/or the OPEDC Program.
Effective January 1, 2014 the maximum annual amount that can be contributed to an employee’s deferred compensation plan account is:
$17,500 if you are under 50 years of age;
$23,000 if you are age 50 or older in 2013;
$35,000 if you are using the Pre-Retirement Catch-Up Provision (note this provision is only available 3 years prior to the date of retirement.)
Effective January 1, 2015 the maximum annual amount that can be contributed to an employee's deferred compensation plan account is:
Normal Deferral $18,000
Age 50 and Over $24,000
Pre-Retirement Catch-Up $36,000
To change the amount of your bi-weekly contribution (deferral):
ICMA participants use this ICMA Change Form and return to the Retirement office room 240. Completed forms must be received in the Retirement Office by the last Friday of a pay period to be effective for that paycheck.
OPEDC participants must call 1-877-644-6457. Changes processed through OPEDC require a minimum of two weeks notice (calls must be received two weeks before the pay date).
Both the ICMA and OPEDC programs make available a broad range of investment options with different investment objectives and strategies for retirement planning. Because they are tax-deferred plans, neither federal nor state taxes are withheld on the wages that are invested in these plans. The contributions to the program and the income generated from the investments are not subject to federal or state taxes until the assets are withdrawn from the program. Contributions to these deferred compensation plans cannot be withdrawn until you retire OR terminate your employment with the City of Cincinnati.
Please review the brief electronic presentation in regards to the ICMA Deferred Compensation Plan that is offered to employees. The presentation does a great job giving a general overview of deferred compensation.
View the link to learn more about ICMA-RC’s Deferred Compensation Plan that is offered to City of Cincinnati Employees!
The City of Cincinnati's deferred program administrators can be reached as follows:
|ICMA Retirement Corporation
777 North Capital Street, NE
Washington, D.C. 20002-4240
|Ohio Deferred Compensation
257 E. Town St., Suite 457
Columbus, Ohio 43215
(phone) 877.644.6457(toll free)