Retirement Plan Design Study
Staff recommends that the Mayor and Council discuss whether to proceed with the study and provide direction accordingly.
This item was first discussed by the Mayor and Council on July 23, 2012. The Mayor and Council deferred making a decision until they received a presentation by staff on overall employee compensation. This presentation, City Employee Compensation, was held on October 15, 2012, at which time the Mayor and Council requested that this item be placed on the agenda for a decision on October 22, 2012.
Mayor and Council History
On April 25, 2011, Mayor and Council adopted several major design changes to the pension plan that became effective July 1, 2011.
The Mayor and Council discussed the potential for a retirement plan design study at their meeting on July 23, 2012.
The Mayor and Council received a presentation on total City Employee Compensation at their meeting on October 15, 2012.
Boards and Commissions Review
At the Retirement Board meeting held on September 18, 2012, the Board was notified of the Mayor and Council's deliberations on this item.
The FY 2013 budget does not include funding for this study. Should the Mayor and Council wish to proceed with the study, staff recommends utilizing a not to exceed amount of $32,500 from the City Manager contingency account. There is sufficient funding currently available.
The cost of the options as presented in Attachment A are: Scope of Work A ($17,500), Scope of Work B ($22,500), and Scope of Work C ($27,500). These options allow for additional modeling costs of $5,000 for each scope of work as needed. Each scope of work is separate and distinct and builds upon the other. Accepting all options would cost $32,500.
Attachment A - Hay Group Proposal for Retirement Plan Design Study
Attachment B - Agenda Report, July 23, 2012
AttachB_July 23, 2012 - Retirement Plan Design Study.pdf
Gavin Cohen, Chief Financial Officer
Approved on: 10/16/2012
Approved on: 10/17/2012