WASA to improve retirement contributions

Thu, 08/09/2007 - 3:39pm
By: John Munford

The Peachtree City Water and Sewer Authority will expand its program to match half of the retirement contributions employees make to their individual retirement accounts.

Currently WASA matches employee retirement contributions up to 4 percent, but the authority discussed raising the match cap to a total of 8 percent. The authority doesn’t offer a dollar-for-dollar match but instead matches 50 cents on the dollar.

Authority member John Gronner said he felt the concept was solid and given the annual budget of $6 million, the cost was minimal.

The proposal was initially to increase the match level up to 6 percent, which would cost the authority $12,000 a year. That figure likely would double with the increase to 8 percent.

The authority’s 28 employees must be on staff for five years before they become vested in the retirement program, said WASA General Manager Larry Turner.

Although the authority voted to enact the benefit, it won’t become official until the authority can approve the documentation to this amendment of the retirement plan.

login to post comments