Optional Benefits

Optional Benefits

The following benefits are available as optional benefits, where the City either shares in the cost or you pay the total cost:

Deferred Compensation

Regular City employees are eligible to participate in the International City Management Association (ICMA) Retirement Corporation deferred compensation plan, which is covered under Section 457 of the Internal Revenue Code.

You may defer a maximum of $15,500 of your total income per taxable year, or $20,500 if you do the "age 50" catch up contribution. The amount of money you defer is not taxed under federal or state taxes until it is withdrawn, or when you terminate or retire from the City of Chesapeake.

Flexible Spending Accounts (FSA)

The City provides a Flexible Spending Account Plan that you can elect to participate in.

Flexible Spending Accounts provide an opportunity for you to reduce your federal, state and Social Security taxes which will increase your take home pay by setting aside money on a pre-taxed basis (Section 125 of the IRS Code) for certain health care expenses not covered under our medical plan as well as dependent care expenses.

Medical Plans (including dental coverage)

The City gives you the flexibility to choose the medical coverage that’s right for you and your family. The City offers five (5) medical plans that you may elect coverage from. These plans include dental coverage. Dental can also be purchased separately if the City's medical coverage is not elected. Costs of these plans vary with the coverage you choose.

If you decide to elect medical coverage, you pay for this protection with before tax dollars.

EFFECTIVE JULY 1, 2009, THE AVERAGE ANNUAL COST TO THE CITY IS $6980.

If you have any questions about the information on this page, you may contact a member of our benefits team by emailing edonohue@cityofchesapeake.net.