Title
Approval for the Mayor and/or City Administrator to sign the necessary pension plan documents with the Georgia Municipal Employees Benefit System (GMEBS) and the International City/County Management Association (ICMA) for implementation of the Pension Plan design for individuals hired on or after March 1, 2011. (This item was deferred from the May 30, 2012 Mayor and City Council meeting)
Presented by Dan Roach, Human Resources Director
Body
Item Summary:
This is to adopt pension plan design changes for individuals hired on or after March 1, 2011, such that the City's contribution to the employee pension plan is fixed at 13% of covered payroll.
Adoption of the plan design features will provide for pension offerings that are efficient and cost effective for the City, competitive in the local labor market, and which provide for flexibility and retirement security for employees and their families.
Committee or Staff Recommendation:
On May 15, 2012 the Administration, Finance, Recreation and Parks Committee recommended placing this Item on the May 30, 2012 Mayor and Council Agenda. It was deferred to the next Mayor and City Council meeting.
Financial Impact:
The transitional costs for the pension design changes are approved and available in Org 60215402, Object 521201 in the amount of $468,000.
Presented by:
Dan Roach, Human Resources Director