Retirement Employees (with the exception of Police Officers) participate in the City of Lamar Money Purchase Plan with the option of 100% pension or the integrated option. This is a defined contribution plan that the City contributes 9% and the employee contributes 8% of their gross salary. If the employee choses the 100% pension option, the total City and Employee contribution goes into the pension. If the employee chooses the integrated option, both the City and the employee contribute 6.2% to social security and the remaining respective 2.8% and 1.8% are contributed to pension. Employees must make a decision as to which plan to participate in when first hired, the IRS will not allow a change while employed with the City. The Lamar Police Department officers participate in the Lamar Police Pension Plan. Sworn officers contribute 8% of salary and the City contributes 9%. A supplemental 457 deferred compensation program is available through One America or the International City Manager’s Association (ICMA) for all employees. Information is available in the City Treasurer’s Office. Life Insurance, Short-Term and Long-Term Disability Insurance The City of Lamar provides employees with life insurance through Lincoln Financial Group. Employees are covered by a $50,000 policy. Police officers and Fire Personnel are covered for life insurance and accidental death and dismemberment through the Fire & Police Pension Association (FPPA). All employees have short-term disability insurance. All employees have long-term disability (LTD) insurance through Lincoln Financial Group. Police officers and Fire Personnel have LTD insurance through the Fire & Police Pension Association (FPPA) and Lincoln Financial Group. With Lincoln Financial Group, employees receive a cash benefit of 60% of their monthly salary (up to $4,000) starting 90 days after they are out of work and continuing up to age 65 or Social Security Normal Retirement Age (SSNRA), whichever is later. Please note: if an employee is approved for the FPPA benefit and have received a benefit from Lincoln via short or long-term disability, for the same time period, they will be required to reimburse Lincoln for any benefit they paid since the Lincoln policy is offset by FPPA Benefit. For Police and Fire Employees, with the FPPA Benefit, you will receive up to 70% of your monthly salary (to no max) and must be expected to be disabled for a year or more. There is no elimination period. The City of Lamar, as part of the City being a member of the County Health Pool, also provides all employees working 30 or more hours a $10,000 term life insurance policy. Voluntary Life Insurance Options Lincoln Financial Group offers group term insurance to all employees, subject to approval of their underwriter. If applied for within 30 days of employment, there is a guarantee issue amount up to $110,000 for employees and $30,000 for spouses and children’s coverage of $10,000. The cost of children’s coverage is $1.00 a month and includes all eligible children. Employee and spouse premiums are determined by age. This plan is portable, meaning an employee can continue the insurance at the group rates when they leave the City employment.
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