Tipton utility staff to propose raising 457 employer match to 5%; wage resolution expected next meeting

Jim, staff member, told the board he will present annual resolutions at the next meeting recommending wage adjustments for Tipton Utility employees and a change to retirement contributions.

"We held off on the retirement until we knew where our health insurance was gonna fall out, and it shook out really nicely for us," Jim said, adding that the utility experienced a small decrease in the premium the city utility covers for health insurance. Based on that, he said he plans to recommend increasing the employer match on the 457 plan from a 4% maximum to a 5% maximum.

Jim said 29 of 31 employees currently participate in the 457 plan and that only two or three employees remain below the current 4% match. He said he will present a draft resolution on the match and related wage recommendations at the next meeting.

Jim also told the board he expects the city to vote the following week on a separate 2.5% wage action; Tipton Utilities "typically follow the city's lead," he said, and his recommendation will reflect that context.

The board did not adopt any of these changes at the Oct. 6 meeting; staff will return with draft resolutions for board consideration in two weeks.