Why Enroll Your Municipality in ALOM’s Retirement Solutions?
Pension plans are not meant to replace 100% of an employee’s income. In fact, the average yearly benefit paid by the Pennsylvania State Employees’ Retirement Systems (SERS) is only $25,839. And individuals collecting a Pennsylvania pension have no automatic protection against inflation. So it’s easy to see why finding additional ways for your employees to save for retirement is so crucial.
As a Pennsylvania public employer, you have a unique opportunity. You can offer your employees the ALOM 457(b) Deferred Compensation Plan or ALOM 401(a) Plan, sponsored by the Allegheny League of Municipalities—even if you already have a Defined Benefit pension plan, or even a 457 or 401(a) plan with another provider. Click here to read our brochure and learn more about how you can give your employees one more tool for their future.
Currently approximately 30 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.