In order to supplement the retirement benefits provided by the CRS, employees of the City of Cincinnati are provided with the opportunity to invest in two deferred compensation programs.  City of Cincinnati employees are eligible to participate through payroll deductions in deferred compensation programs administered by the ICMA Retirement Corporation and/or the Ohio Public Employees Deferred Compensation Program. 

Effective January 1, 2008, the maximum annual amount that can be contributed to an employee’s deferred compensation plan account is $15,500.  In addition, you are able to contribute an additional

1. $5,000, for a total of $20,500, if you are age 50 or older, or
2. $15,500, for a total of $31,000, if you are planning to retire during the next 3 years and have not previously taken advantage of the pre-retirement catch-up provision.

Both the ICMA and Ohio programs make available a broad range of investment options with different investment objectives and strategies for retirement planning.  Because they are tax-deferred plans, neither federal nor state taxes are withheld on the wages that are invested in these plans.  The contributions to the program and the income generated from the investments are not subject to federal or state taxes until the assets are withdrawn from the program.

Contributions to these deferred compensation plans cannot be withdrawn until you retire, terminate your employment, or have an unforeseeable emergency.  (The IRS defines unforeseeable emergency as a severe financial hardship resulting from sudden illness, disability, or accidental property loss.)

The City of Cincinnati's deferred program administrators can be reached as follows: