For full-time non-union employees hired after Oct. 1, 2007, METRO offers both of the following:
- 457(b) deferred compensation plan (including an after-tax Roth 457 option)
- 401(a) defined contribution plan
Both are administered by Empower Retirement and as an employee, you'll have a login and password to access your account online.
METRO automatically contributes 2% of your annual salary to your 401(a).
Additionally, if you choose to contribute money to your 457(b) deferred compensation plan, METRO will match your contribution up to 4% and put it in your 401(a). That money will not appear on your paycheck; it's deposited directly in
your 401(a) retirement plan.
Example for an employee with an annual salary of $36,000:
Employee Contribution to 457(b) | METRO Match | Initial 401(a) Contribution by METRO | Total 401(a) Contribution by METRO |
---|
1% of annual salary ($360) | $360 | 2% of annual salary ($720) | $1,080 |
2% of annual salary ($720) | $720 | 2% of annual salary ($720) | $1,440 |
3% of annual salary ($1,080) | $1,080 | 2% of annual salary ($720) | $1,800 |
4% of annual salary ($1,440) | $1,440 | 2% of annual salary ($720) | $2,160 |
5% of annual salary ($1,800)* | $1,440 | 2% of annual salary ($720) | $2,160 |
* The 5% contribution example is meant to show that for any employee contribution to the 457(b) that exceeds 4%, the other columns/fields remain the same. So, for an employee with an annual salary of $36,000, the maximum total annual contribution METRO
will make to that employee's 401(a) is $2,160.