401a ICMA-RC

The City is pleased to introduce the establishment of a new 401(a) retirement plan for all General and Fire employees (both certified and regular) effective January 1, 2017. Our new General and Fire Employees’ Defined Contribution Retirement Plan provides retirement savings in addition to all other retirement benefit plans for City employees. This plan will be administered by ICMA-RC.

Eligibility

  • All benefited general pay plan employees and certified Fire employees
  • Sworn Police Personnel and Non-benefited employees are excluded

Contributions

  • The City of Winston-Salem will contribute 2% of total compensation each pay period

Vesting

  • 100% vested upon attaining 5 years City service including service earned prior to January 1, 2017
  • 100% vested in the event of death
  • 100% vested in the event of retirement with the State Retirement System

Distribution

  • Upon separation, retirement, or death.
  • Immediate or deferred distribution options available
  • Lump sum, rollover, installment, combination options available

Investments

  • Initial investment election will be a Stable Value fund
  • Employees are encouraged to direct investments among an array of fund options that align with personal goals and strategies

Other

  • Loans and Hardship Withdrawals are not allowed with this plan