Employers may add retirement payments at worker service milestones

Employers may make supplemental payments to participants’ retirement accounts. This applies to participants described in section 38-865, paragraph 7, subdivision (b), and their employers. Before making payments, each employer must adopt a policy that states the requirements and payment amounts. A payment may not exceed $5,000 per participant for an employment or service interval and vests over five years. At each interval, the employer must provide the same amount or rate to all its participants who meet the service requirement and the employer’s policy. Participants do not have to contribute extra. An employer may stop these payments at any time and need not make another payment to someone who received one before. Payments may be made only at specified years of employment or service. Each payment vests over five years.