The Winamac Town Council discussed offering an additional retirement savings option for town employees during its meeting Monday night.
The proposed program, called Hoosier START, is a voluntary deferred compensation plan that would allow interested employees to contribute to additional retirement savings through payroll deductions.
During the discussion, officials explained that the program would not cost the town any money, as participating employees would be responsible for associated fees.
The program would be separate from employees’ existing retirement benefits, and participation would be entirely voluntary.
Council members expressed support for offering the program, noting that it could provide additional retirement savings opportunities for employees.
Officials indicated that an ordinance would need to be prepared before the program could be formally adopted. The ordinance is expected to be available for consideration at the next council meeting.
In the meantime, officials discussed informing town employees about the proposed option so they could decide whether they would be interested in participating.
