Century Changing Employee Retirement Plans

February 6, 2012

The Town of Century is making changes to to their employment retirement plans.

Rather than retirements accounts with the state — which earned about 0.37 percent annual interest last year, accounts are being moved to the private company AXA Equitable. Employees will be able to determine their own individual investment strategy from different investment funds.

That will will results in a “better working and accumulation vehicle for the employees”, according to town accountant Robert Hudson.  In addition, the AXA funds will require less administrative paperwork on the town’s part, saving employee time.

Town of Century employees are vested in their retirement accounts on a sliding scale, becoming fully vested after seven years of service.

Comments

2 Responses to “Century Changing Employee Retirement Plans”

  1. Molino Mom on February 6th, 2012 2:14 pm

    I receive retirement from Florida Retirement System (FRS). My money is quite healthy and I receive an increase each year, a stipend to help off-set the cost of health insurance. And they pay on the last day of each month. Like clock work. No waiting until the 1st, like most. Just nice to get it a little earlier than most.

  2. molino jim on February 6th, 2012 9:08 am

    The employees may want to check the fees that they will be paying on most accounts.

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