Retirement

ICMA-RC Deferred Compensation Plan
(IRS Section 457(b) Plan)


Voluntary employee participation. Maximum $18,000 for 2015 calendar year - multiple investment options available. The City contributes $10.00 per pay period for each employee’s contribution of at least $10.00 per pay period. 
 
Local Government Employee Retirement System (LAGERS)
  
Firefighters are offered a retirement plan through the Local Government Employees Retirement System (LAGERS). The current Benefit
Program is L-11. Effective July 1, 2015, the City of Springfield contributes 19.30% of wages toward this benefit for Firefighters.

Pension calculation: 2.5% x final average salary (average of 36 highest consecutive months in  the last 120 months) X years of service credit = monthly benefit.

A LAGERS member is vested (guaranteed a benefit) after 5 years of service credit within the LAGERS system. Firefighters are eligible to retire with unreduced benefits at age 55. A  vested employee may elect to retire with reduced benefits up to 5 years earlier than the normal  retirement age. 
 
Employees in this benefit program do not participate in Social Security.