MILFORD - Two retirement plans for the town of Milford's employees were discussed by the Milford Town Council Monday at a special meeting. In the end, the council approved the retirement plan presented by councilman Bob Phillips.The plan still has to be approved by the town's financial consultant and the state. Under the plan, an employee's base salary will be divided by 100,000, resulting in a percentage.That percentage will be multiplied by the amount the town employee puts in each year toward their retirement.That result is how much the town will put in toward that employee's retirement.The maximum amount a person can put toward their retirement per year is $10,000. For example, if an employee makes $25,000 annually and puts $10,000 of that away for their retirement, the town will put in a matching amount of $2,500 toward that employee's retirement.
DAVID SLONE, Times-Union Staff Writer- | July 28, 2016