![]() |
![]() |
|
|
Summary of Benefits
|
| Civilian Employees | Fire Safety Employees | Law Enforcement Employees | |
|---|---|---|---|
| Name of Plan | Oklahoma Municipal Retirement Fund |
Oklahoma Firefighters Pension and Retirement System |
Oklahoma Police Pension and Retirement System |
| Employee Contribution | 4.26% of all eligible earnings, pre-tax |
8% of all eligible earnings, pre-tax |
4% of all eligible earnings, pre-tax |
| City Contribution | Based on annual actuarial study |
13% of all eligible earnings, based on state statute |
13% of all eligible earnings based on state statute, plus additional 4% per Collective Bargaining Agreement |
| Vesting Schedule | After 5 years of service |
After 10 years of service |
After 10 years of service |
| Normal Retirement | Age 65 with 5 years of service or age 62 with 30 years of service |
Eligible for retirement at 20 years of service regardless of age |
Eligible for retirement at 20 years of service regardless of age |
Regular, full-time employees may voluntarily contribute to the OMRF Defined Contribution (Thrift) Plan. The City contributes 1/2 up to 2% of employee's contributions on an after-tax basis, and is calculated after taxes have been deducted. Employees may also make additional contributions to the plan up to the maximum designated by the IRS. Several options are provided for investment purposes, and employees are vested in both their own contributions and the City's at five (5) years of service.
Regular, full-time employees may voluntarily contribute to the ICMA 457 Deferred Compensation Plan. Employee contributions to the 457 Plan occur through payroll deduction on a pre-tax basis. This allows the employee to defer taxes each pay period until the contributions are withdrawn.
Regular, full-time employees are eligible for health, dental, vision, and life coverage the first day of the month following hire. An employee's spouse and dependents up to age 19 (or full-time students up to age 25) are also eligible for coverage.
The City of Owasso offers the opportunity to utilize pre-tax spending accounts through payroll deduction. Available under this pre-tax option are qualified insurance premiums (including health, dental and vision), out-of-pocket medical expenses (i.e. co-payments, medical and dental deductibles, and other medical expenses not covered by insurance), dependent/child care expenses and other voluntary products.
The Employee Assistance Program (EAP) is designed to help employees maintain emotional health by providing counseling services for various life issues, including marital, work-related, financial, legal, emotional, parent-child, or alcohol-drug related issues. This confidential service is offered at no charge.
| Civilian Employees | Fire Safety Employees | Law Enforcement Employees | |
|---|---|---|---|
| Holidays | 8 paid holidays per year, 3 floating holidays per year; in lieu of holiday leave, Communications Officers paid for 32 hours of holiday compensation in June and December |
Accrue 12 hours per month in lieu of holiday compensation |
In lieu of holiday leave, are paid for 48 hours of holiday compensation in June and December, with option of converting holiday pay to leave accrual in June |
| Vacation | Receive one week of paid vacation after successful completion of six months, employee will then begin to accrue 6.67 hours per month |
Receive 120 hours of vacation leave after successful completion of one year, employee will then begin to accrue 12 hours per month |
Receive 96 hours of vacation leave after successful completion of one year, employee will then begin to accrue 8 hours per month
|
| Sick | Accrue 8 hours per month |
Accrue 18 hours per month |
Accrue 9.25 hours per month |
A voluntary sick incentive program is provided by the City to encourage appropriate use of sick time and provide a short-term disability provision for enrolled employees.
Regular, full-time employees are entitled to receive tuition reimbursement for any classes taken in pursuit of an undergraduate degree, with a minimum grade of "C." With approval of the City Manager, employees may receive tuition reimbursement for any classes taken in pursuit of a graduate degree, with a minimum grade of "B." All tuition reimbursement is based upon tuition rates provided by the Oklahoma State Regents for Higher Education standard.
Home | Contact
Us | Legal Notices | Residents | Business
| Government
E-mail
Webmaster
Design and content Copyright 2007 by the City of Owasso.
All rights reserved.