Government Employees’ Retirement System shall continue to be members with contributions being made by the employee and the VOP upon hire. 401(k) Plan Employees who are expected to work for the Village more than 1,000 hours annually and who are at least 18 years of age are eligible to participate in the state sponsored 401(k) Plan effective on the date of hire. Under the Plan, the VOP contributes 5% of pay each pay period to each employee’s 401(k) account. You may also make a pre-tax or post-tax contribution to the account of either a percent of pay or a specific dollar amount each pay period through payroll deductions (to a maximum amount per year fixed by the IRS). The VOP contribution to the 401(k) is made each pay period regardless of whether you choose to contribute to the account balance. 457(b) Supplemental Savings Plan The VOP also offers a 457(b) supplemental savings plan to complement your retirement benefits. Contributions to this plan are totally voluntary and made only by the employee on a pre-tax or post-tax basis through payroll deduction. Consult your Human Resources Department for more information about the 457(b) plan. 529 College Savings Plan The VOP offers voluntary payroll deduction for a 529 college savings plan to employees who want to put money aside for qualified educational expenses. Consult your Human Resources Department for more information about the 529 plan. Social Security To the extent provided by law, you will be covered by Social Security, a federally sponsored program that pays certain benefits to employees who have made regular contributions to the program during their working years. The cost of Social Security contributions by the employee are made through payroll deduction. Educational Assistance If you are regularly scheduled to work a minimum of 30 hours per week, you may be eligible for tuition reimbursement of up to $1000 per fiscal year. All courses must be for the purpose of maintaining or improving skills related to your present work assignment or another position in the VOP workforce for which you are preparing. Courses must be approved in advance and taken at a recognized, accredited educational institution, college, university or business college. As a condition for reimbursement, you will be asked to sign a tuition assistance agreement stating that, in return for the financial assistance for educational expenses, you will agree to remain employed for one year after educational expenses are reimbursed. This program does not apply to continuing education units, which are necessary to maintain a license, registration or certification that is a requirement for your position or taken as personal preference. Refer to the Tuition Assistance Policy for additional details. Unemployment Compensation Should you separate from employment with the VOP, you may be eligible for unemployment benefits. Applications should be made through the local Employment Security Commission, where a determination of your eligibility will be made.
Village of Pinehurst Employee Handbook – Updated January 2025
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