Village of Milford
Employee Compensation Plan
The Village has four bargaining units as well as non-union employees. Bargainings units are Police Command Officers, Patrol/Dispatch, Department of Public Services, and Wastewater Treatment Plant employees. All employees are eligible for social security benefits.
RETIREMENT PLANS
· Non-Union Employees – Employees hired after January 1, 2008 are covered under a defined contribution plan with a Village contribution of 4% of earnings with a possible additional match of up to 3% with an employee contribution of 3%.
· Department of Public Services Employees – Employees hired after June 4, 2007 are covered under a defined contribution plan with a Village contribution of 4% of gross wages with a possible additional match of up to 3% with an employee contribtion of 3%.
· Wastewater Treatment Plant Employees - Employees hired after June 4, 2007 are covered under a defined contribution plan with a Village contribution of 4% of gross wages with a possible additional match of up to 3% with an employee contribtion of 3%.
· Patrol/Dispatch Employees – Employees hired after April 16, 2012 are covered under the MERS hybrid plan with an employer contribution of 3.5% and a multiplier of 1.5%. Final average compensation is calculated using a minimum of 3 years of compensation and will not include more than a total of 240 hours of paid leave. Overtime hours will not be used in computing the final average compensation of an employee.
· Police Command Officers – Employees hired after March 12, 2012 will be covered under the MERS hybrid plan with an employer contribution of 3.5% and a multiplier of 1.5%. Final average compensation is calculated using a minimum of 3 years of compensation and will not include more than a total of 240 hours of paid leave. Overtime hours will not be used in computing the final average compensation of an employee.
HEALTH CARE PREMIUMS
All Village employees receiving health care coverage through the Village of Milford pay 20% of the premium.
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