Retirement Program

Utah Retirement Systems (URS)

Hurricane City makes retirement contributions for each employee in a benefit eligible position. Eligible employees are automatically enrolled in the retirement plan. These plans are fully funded by the City.

Employees are able to also contribute to four (4) available savings plans if they choose. These plans are as follow:

401(k)

457(b)

Traditionally IRA

Roth IRA

Retirement Plan Features

In the event a financial need arises, loans are available on the money which has been contributed into either a 401(k) - (limitations apply to Tier 2 employer contributions) or 457(b) supplemental retirement savings plan account. 

Withdrawals

All withdrawals are subject to income taxes and may be subject to IRS early withdrawal penalties. This applies only to vested balances and applies differently for each savings plan.

401(k)

• Separation from service
• Age 59 ½  years old if still employed
• Hardship
• Qualified birth or adoption

457(b)

• Separation from service
• Age 59 ½  years old if still employed
• Emergency
• Qualified birth or adoption

Traditional IRA

• Anytime

Roth IRA

• Anytime

Beneficiary Designation

It is important to designate a person or persons to receive the amounts in your retirement account in the event of your death. Please list your primary and contingent beneficiaries. If you do not complete a beneficiary designation, your account will be distributed according to the provisions of the Plan.

Supplemental Retirement Savings Plans

The City sponsors four (4) supplemental retirement savings plans to help you save for your retirement. You choose how much of your paycheck to put into one or all of these plans each pay period. You direct how your money is invested by selecting from the investment provider and investment options offered to University employees.

All City employees may participate in the supplemental retirement savings plans regardless of whether they are employed in a benefit-eligible position.

Some important information about the plans:

You can defer up to an annual maximum of $22,500 in 2023 to the 401(k) and 457(b) plans. While an annual maximum of $6,500 can be deferred to the Traditional IRA and Roth IRA plans. The maximum amount is reviewed annually by the Internal Revenue Service and may increase in future years.

Each plan includes two (2) catch-up provisions, an age 50 or older provision and a special catch-up provision, which allow eligible employees to contribute amounts above the maximum stated above. The new annual maximums for the 401(k) and 457(b) plans would be $30,000 and for the Traditional IRA and Roth IRA plans the annual maximum would be $7,500.

You can rollover assets from other similar accounts into these plans.

The 401(k), 457(b), and Traditional IRA are all tax deferred plans. The Roth option allows you to contribute after-tax money to the Plan. The annual maximum contribution amount above applies to your combined after-tax and pre-tax deferral to the 403(b) Plan.

All withdrawals of Roth savings are free from federal income tax in retirement (including any income received on your investments), as long as you are age 59 ½ or older when you make a withdrawal and have had the account for at least five tax years.

Utah Retirement Systems (URS)

Southern Utah Branch Office

Phone: 435-673-6300 or 800-950-4877

Office: 20 North Main Street, Suite 206 St. George, Utah, 84770