HomeMy WebLinkAboutA002 - Council Action Form, January 25, 1983 COUNCIL ACTION FORM
NO: 01-25-83
SUBJECT: Utility Retirement System Proposal
BACKGROUND:
At it' s December 14, 1982 meeting, the Utility Retirement Board voted to
present the attached proposal to the City Council for their consideration.
This proposal includes a proposed change in the present retirement system
which would allow retirement at age 55 with 30 years of service without a
reduction in benefits. The cost of this change to the retirement system
would be approximately 2.75%; 1.37% to be paid by the Utility and 1.38% to
be paid by the employee. This percentage change would translate to an
approximate cost incurred by the City of $26,854 in fiscal year 1984-85.
In fiscal year 1985-86 the employee' s contribution would increase by
approximately .69% and the Utility' s contribution would increase by .685%
for a total cost in that year of $56,930. As stated in the proposal , no
additional Utility cost will be incurred in fiscal year 1983-84. It is,
however, necessary to get the Ordinance in effect by July 1, 1983.
MANAGER' S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council refer
this item to staff for a complete and comprehensive review. The item
will be placed on the February 8 agenda for further Council consideration.
COUNCIL ACTION:
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