People working for the City of Fishers will see a new administrator for a key retirement savings plan.  The city’s 457 plan is similar to private sector 401(k) plans, allowing city workers retirement savings with tax advantages.

City Controller Oscar Guiterrez told the Board of Public Works and Safety Thursday that Edward Jones will be the new broker handling the city employees plan, but American United Life (AUL) will continue as the insurance company.  Edward Jones will be providing services from financial advisers, visiting city facilities to advise employees on investment options for their retirement savings.

Mayor Scott Fadness said he wanted to add an employer match to employee contributions in 2017, but health insurance premiums increased too much.  He hopes to add the employer match in future years.

“Although the cost is neutral, the services rendered to the employees to be able to make smart financial decisions for themselves and their families will drastically improve with these additional resources,” Mayor Fadness said.