Title
Approval of a Temporary Addendum to the Georgia Municipal Employees Benefit System (GMEBS) Defined Benefit Plan Adoption Agreement dated June 21, 2010; approval of an Early Retirement Incentive Plan (ERIP) implementation contract with The Segal Company in an amount not to exceed $30,000; and approval of Budget Amendment 9002-06-21-10; and to reappropriate the funds in FY 2011.
Presented by Kay Love, City Administrator
Body
Item Summary:
An Early Retirement Incentive Plan (ERIP) benefit will be made available to 76 eligible full-time regular participants currently in the City's defined benefit retirement plan. This Temporary Addendum is offered on a one-time voluntary basis with a participant election window of July 1, 2010 to August 16, 2010.
The ERIP will include participants eligible as of December 31, 2010 and provide associated incentives in the following categories:
· Normal Retirement: Participants at least 65 years of age with 5 years of credited service or Rule of 80: Participants at least 55 years of age and sufficient combined years of age and credited service to meet the Rule of 80; and
· Rule of 70: Participants at least 55 years of age and sufficient combined years of age and credited service to meet the Rule of 70 as individually defined by the Temporary Addendum.
Financial Impact:
With the Approval of Budget Amendment 9002-06-21-10 funds will be available in 602-9002-511100 in an amount not to exceed $1,200,000. The annual total financial cost/savings analysis will be calculated upon finalization of eligible employee ERIP elections when the election window terminates on August 16, 2010.
Presented by:
Kay Love, City Administrator