MissionSquare Retirement Deferred Compensation Plan (IRS Section 457(b) Plan)
The 457(b) Deferred Compensation Plan is offered through MissionSquare Retirement. This program is voluntary for those employees who wish to participate. Maximum $20,500 for 2022 calendar year - multiple investment options available. The City contributes a flat match of $10.00 per pay period when an employee contributes at least $10.00 per pay period.
Local Government Employees Retirement System (LAGERS)
Full time employees on the Professional, Administrative and Technical (PAT) and Crafts, Trades & Labor (CTL) pay schedules are offered a pension plan through the Local Government Employees Retirement System (LAGERS). The current Benefit Program is L-6. Effective July 1, 2021, the City of Springfield contributes 16.5% of wages toward this benefit for eligible employees.
Pension rules: fully vested in 5 years; 2% x final average salary (average of 36 highest consecutive months in the last 120 months) X years of service = monthly benefit.
Normal retirement: age 60 with 5 years service. Employees may retire as early as age 55 with reduced benefits.