Make the Most of Your Pay Increase!
Expecting a pay raise soon? Make the most of it by setting aside some or all of that increase for your retirement future. This is a great time to take advantage of our new percent-of-pay savings option which allows you to save a percentage of your salary rather than a flat dollar amount. On average, Deferred Compensation Plan participants save 7% of their salary through the Plan. And thanks to the power of compound interest, saving more now means more future income to support your dream retirement.
Salary increases for much of the workforce are scheduled to take effect over the next few months. Act now so you don’t let this opportunity slip by. You can schedule your increase by logging in to your account, calling our Service Center at 844-523-2457, or visiting a Retirement Counselor in Room 867 of City Hall.
If you're expecting a retroactive compensation payment that you'd like to save for retirement, you can also set up a special one-time contribution. Click here to learn more.