C. GENERAL EMPLOYEE 401(a) PENSION PLAN:

City Commission · 2026-05-13 · agenda_item

This notice concerns the General Employee 401(a) Pension Plan for the City of Winter Park. The plan is a tax-qualified, defined contribution plan established in 1992. It is administered by an outside party. The plan requires employer contributions of 7% and employee contributions of 3% of earnings. Employees vest in employer contributions over five years. The City Commission can amend the plan after public notice and hearings. This item is currently under review. The plan involves financial administration and employee benefits management. Local businesses in financial services and benefits administration could find opportunities related to the plan's administration and potential future amendments. Early engagement with the city could be beneficial before specific service contracts are finalized.

plan establishment year

1992

employee contribution rate

3 %

employer contribution rate

7 %

vesting period

5 years

enrolled employees

443

plan establishment date

January 1, 1992

employee enrollment date

January 1, 1992

employee contribution start date

October 1, 1992