The ACC Pension Plan is designed to provide a monthly retirement income in addition to other retirement savings plans and Social Security which an employee may be eligible to receive. An employee is vested in the plan after completing 10 consecutive years of credited service. Credit towards the 10 consecutive years of service begins with the first day of employment with Athens-Clarke County. Normal retirement age is 60 for Certified Police, Deputy Sheriff, Corrections Officers, and Certified Firefighters with at least 10 years service. All other employees are eligible for normal retirement benefits at age 62 with 10 years credited service. There are provisions for early retirement beginning at age 55 and with 10 years of credited service, however, a 4% reduction factor is applied for each year less than the normal retirement age.
Deferred compensation, under IRS Code 457, is a tax deferred supplemental retirement program that allows public employees to contribute a portion of their salary, before federal and state taxes, to a retirement account. The government's aim in establishing these tax-favored plans is to encourage workers to build their own financial security in anticipation of retirement. ACC employees are eligible to enroll in the deferred compensation plans on the first day of their employment. ACC also offers a deferred compensation package with a 1% (401a) match on the first 4% of salary contributed to a 457 plan.
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