Benefits Call Center: 877-282-0808

401k & Pension

Employee Pension & Retirement Plans

All employees are required to participate in one of the following retirement plans appropriate to their employee group. The City of Boulder contributes to all of these plans.

Public Employees’ Retirement Association (PERA) Defined Benefit Pension

For Management/Non-Union, BMEA, Temporary, and Seasonal employees


International City Managers’ Association (ICMA) Defined Contribution Retirement Plan

For Management/Non-Union employees satisfying PERA exemption criteria. This includes Directors who report directly to the City Manager, Council Appointees and Council Members.


Fire & Police Money Purchase Pension Plan & Trust Agreement of the City (“New Hire”)

Defined Contribution Retirement Plan for Fire or Police, including Management/Non-Union command staff

Additional Voluntary Retirement Savings Plans

While the plans above may go a long way, they may not be enough to maintain your desired standard of living throughout your retirement years. That's why eligible Standard and Non-Standard employees may also participate in one or both of the following investments options to supplement your retirement income.


401(k) Plan

Administered by PERA and available to PERA retirement plan participants. Includes an array of high-quality and low-cost investment options, including a Roth option.

    • 401(k) Contribution/Change Form

    • 401(k) Plan Beneficiary Designation/Change Form


457 Deferred Compensation Plan

​Available to all employees and administered by ICMA. This plan also offers a wide variety of investment options, including a Roth option.

    • 457 New Enrollment Form

    • 457 Contribution/Change Form

Under either plan, you contribute by deferring either a set dollar amount or percentage of your salary on a pre-tax basis, unless you have elected a Roth post-tax program. All earnings are tax deferred until benefits are distributed to you.


View the IRS's  457(b) vs. 401(k) Plan Comparison to learn more about how these types of plans differ.

Provision

Contribution Amount Limits

2019 Tax Year

Maximum annual IRA contribution (under age 50)

$6,000

Maximum annual IRA contribution (age 50 or over)

$7,000

Maximum annual 401(k) 457 salary-deferral limit (under age 50)

$19,000

Maximum annual 401(k) or 457 salary-deferral limit (age 50 or over) *

$25,000

Maximum annual additions limit under defined contribution plan

$56,000

Maximum includible compensation for computing contributions

$280,000

Maximum SIMPLE salary-deferral limit (under age 50)

$13,000

Maximum SIMPLE salary-deferral limit (age 50 or over)

$16,000

Minimum annual compensation for determining a "highly compensated" employee (used in 401(k) nondiscrimination tests)

$125,000

*Only 457(b) plans of state and local governments may allow catch-up contributions for participants who are aged 50 or older. Some plans also allow Special 457(b) catch-up contributions. Refer to your plan details for further information.

Contribution Amount Limits

2020 Tax Year

$6,000

$7,000

$19,500

$26,000

$57,000

$285,000

$13,500

$16,500

$130,000

Minimum annual compensation amount for SEP participation

$600

$600

City of Boulder

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This information, including any summaries or videos, is for our employees. These documents and videos contain only a partial description of the benefits, limitations, exclusions and other provisions of these plans mentioned. It is not a policy. It is a general overview only. It does not provide all the details of this coverage, including benefits, exclusions and policy limitations. In the event there are discrepancies between these documents and videos, the terms and conditions of the policy will govern.

BENEFITS CONTACT INFO

877.282.0808

https://benefits.bouldercolorado.gov

Copyright 2019. All Rights Reserved.