Title
Approval of a Resolution to adopt the City of Roswell Defined Contribution Pension Plan and approval of Budget Amendment 60215402-10-28-13 authorizing the distribution of pension plan transition funds in the amount of $468,000 from the Group Health Fund to the affected funds.
Presented by Dan Roach, Human Resources Director
Body
Item Summary:
On June 11, 2012 Mayor and Council approved the creation of plan documents for a defined contribution pension plan for those individuals/employees hired or rehired on or after March 1, 2011. This Resolution will create the Defined Contribution Pension Plan.
Committee or Staff Recommendation:
On October 15, 2013 the Administration, Finance, Recreation and Parks Committee recommended placing this Item on the October 28, 2013 Mayor and Council Agenda.
Financial Impact:
Implementation of the Defined Contribution Pension Plan has an estimated cost of $790,772 for the period of March 1, 2011 through November 29, 2013. Final cost for the period will be provided by the actuarial consultants once the plan officially begins December 1, 2013. Budget Amendment 60215402-10-28-13 authorizes the distribution of pension plan transition funds in the amount of $468,000 from the Group Health Fund to the affected funds based upon the final cost analysis of the actuarial consultants. The FY 2014 Budget includes funding for the estimated remaining balance of $322,772.
Presented by:
Dan Roach, Human Resources Director