The City of Toledo provides excellent health and retirement benefits for its employees.
Health Insurance
The City of Toledo is a self-funded medical plan provider that offers a broad network of health services options for its employees. The City also offers a multi-tiered prescription drug plan and dental and vision care services.
Employees are required to pay a monthly premium depending on the employee’s selection of single, single plus one, or family coverage. Coverage is also afforded for qualifying domestic partners, depending on the employee’s bargaining unit. Monthly co-premiums are determined by collective bargaining agreement or Municipal Code.
Group Life Insurance
City employees are covered by a group life insurance plan depending on collective bargaining agreement or Municipal Code.
Ohio Public Employees Retirement Plan
The City is a member of the Ohio Public Employees Retirement Plan (OPERS). All employees who are paid in whole or in part by the state of Ohio, a county, municipality, or any other political subdivision of state or local government in Ohio must become members of OPERS unless they are covered by another state retirement system in Ohio.
OPERS is a pension plan providing fixed retirement benefits every month based on a formula that rewards years of service. The City contributes 14.00% of the employee’s annual base salary and employees contribute 10.00% of their annual base salary.
For more information about OPERS, click on this link: https://www.opers.org/
Deferred Compensation & 401(K)
The City of Toledo offers a voluntary governmental 457(b) deferred compensation plan, which is a retirement savings plan that allows eligible employees to supplement any existing retirement/pension benefits by saving and investing pre-tax dollars through salary deferral.
Contributions and any earnings are tax-deferred (both federal and state income taxes) until money is withdrawn. Withdrawals are taxed at ordinary income levels.
For more information about the Ohio Deferred Compensation click on this link: https://www.ohio457.org/iApp/tcm/ohio457/index.jsp
401(k)
The City of Toledo offers a voluntary pre-tax savings contributions retirement plan. The plan is commonly referred to as a 401(k).
Under the 401(k) plan, an employee’s retirement savings contributions are deducted from the employee’s paycheck before taxation. The City does not make contributions on the employee’s behalf. (Contributions are tax-deferred until withdrawn during retirement). Annual contributions to the 401(k) plan are limited to a maximum pre-tax annual contribution, as established by Internal Revenue Service regulations.
Roth 401(k)
The City of Toledo also offers a voluntary post-tax savings contributions retirement plan. This plan is commonly referred to as a Roth 401(k) Plan.
Under a Roth 401(k) Plan, an employee’s retirement savings contributions are deducted from the employee’s paycheck on a post-tax basis. Annual contributions to the Roth 401(k) plan are limited to a maximum post-tax annual contribution, as established by the Internal Revenue Service.
