Employees of the Washington County Sheriff’s Department will soon have a new option for saving for retirement.
Elaine Beaty, a Morgan Stanley financial advisor, explained the program to the Washington County Board of Commissioners at the Tuesday, Jan. 17, meeting.
Beaty said the savings program is voluntary and won’t cost the county any money. The only time the county will invest into the process is time spent arranging for the paycheck deductions.
Sheriff’s department employees who opt to participate in the program will be able to select an amount to deduct from their checks that will be placed into a savings plan. Beaty said as little as $5 a check can make a difference and participating employees will have tax advantages.
Beaty met with sheriff’s department employees in December and she reported to commissioners that several of them expressed interest in the savings program.
More than 60 Indiana counties have made the plan available to their sheriff’s departments.
Due to tax code constraints, the program is only available to sheriff’s department employees, Beaty said.
Commissioners voted unanimously to adopt an ordinance implementing the program.