ALOM Retirement Plan Solutions
According to the U.S. Department of Commerce, Americans save, on average, only 4% of their incomes, and should save three times that amount to maintain a comfortable retirement.
Allegheny League of Municipalities (ALOM) member municipalities and affiliates are afforded a unique opportunity to participate in a Deferred Compensation Plan that serves as an outstanding avenue for employees to save for retirement during their wage-earning years.
Managed via a partnership with Prudential, the ALOM administered plan currently holds over $200 million dollars in assets and was designed with your employees’ unique financial needs and retirement goals in mind. It’s a Plan that not only offers a wide variety of benefits and investment choices, including an extremely competitive Guaranteed Interest Account which is fixed at 4%.
Currently approximately 30 other ALOM municipalities participate in the Plan. This consolidation of ALOM municipalities enables you to enjoy institutional class shares for the mutual funds in the Plan. Additionally, the plan is governed by a committee of local government administrators in Allegheny County.
- Municipalities can participate through a 401(a) pension plan option offering the opportunity to match employee contributions at a certain rate. Click here to view and download a 401(a) workbook.
- Alternately, for municipalities that already provide a defined benefit pension, the ALOM 457 deferred compensation plan serves as an addition retirement for employees wishing to complement their current benefits. Click here to view and download a 457 workbook.