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Retirement
Regular Employee Retirement System
General Employees hired on or after July 1, 2017 shall become a member upon hire of the City's Defined Contribution Plan through Oklahoma Municipal Retirement Fund (OkMRF). Employees are required to make pre-tax contributions of 3.50% of their salary. Voluntary after-tax contributions are also allowed. The City will also contribute 3.50% of the employee's salary. Employees direct how their money is invested. Please see below for Vesting information:
| Years of Service | Vesting Percentage |
|---|---|
| Less than 3 | 0% |
| 3 but less than 4 | 20% |
| 4 but less than 5 | 40% |
| 5 but less than 6 | 60% |
| 6 but less than 7 | 80% |
| 7 or more | 100% |
Source: OkMRF
Voluntary 457 Plan
The City of Lawton provides a 457 deferred compensation plan that enables all employees to defer a portion of their current income. The advantage of the voluntary 457 plan is that your taxable income is reduced by the amount you contribute into the plan. The City of Lawton's current 457 providers are MissionSquare, formally known as ICMA Retirement Corporation, and Nationwide.
Police Pension and Retirement System
The City of Lawton participates in the Police Pension and Retirement System by contributing to the State of Oklahoma Police Pension and Retirement System at the statutory rate for each officer's salary and by withholding the officer's contributions at the appropriate statutory rate. For more information regarding the secure 2.0 Act, please contact the Human Resources Benefits Coordinator.
Firefighters Pension and Retirement System
The City of Lawton participates in the Oklahoma Firefighters Pension and Retirement System by contributing at the appropriate statutory rate for each firefighter's salary and by withholding the firefighter's contributions at the appropriate statutory rate.