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TUbS. IDAY.,-~RCH 26,-1991 <br /> <br />participation.inthe State's proposed-early retirement program~.~!-C~y~Manage~.; <br />Brown~ explained that the State Senate and House passed bills=linthe1991~ <br />Session 0f the General Assembly which enacted the Governor's proposed. early <br />retirement program for State employees. The program would allow employees <br />who are at least 50 years of age and who have at least 25 years of service to <br />retire during a special one-time early retirement "window", which will'be <br />from June 1 through September 1, 1991. School Boards and political <br />subdivisions in the Commonwealth have the option of participating in the <br />program, provided they agree to pay the cost of the enhanced benefits. Mr. <br />Brown stated that City staff had conducted an analysis of the program as it <br />relates to the employees of the City of Martinsville. The analysis <br />demonstrated that the City could potentially achieve a netlcost. savings-of~ <br />$616,722.67over a five-year period by adoption of the programsand by not <br />filling the equivalent of four full-time positions of those who would~be~ <br />retiring,. Mr. Brown stated that he had met with the employees affected by <br />this program and almost all had expressed a serious interest in taking <br />advantage of the early retirement possibility° Mr. Brown explained that, in. <br />connection with the early retirement program, the City would consider working <br />out a, contractual arrangement with a few key employees to carry on the <br />responsibilities of their positions on a year-to-year basis at a muchlower <br />wage rate than they are now paid and at a lower rate than a replacement <br />employee who-would be hired in Step 1 of the retiree's classification. Mr. <br />Brown said that the staff had canvassed a number of cities as'to the interest <br />in this program and the following cities would propose the program for <br />adoption to~their Councils: Colonial Heights, Fredericksburg, Waynesboro and- <br />I~nchburg. Councilman Oakes requested that Council be provided with more <br />information regarding the length of time that the City would be required to <br />pay an extra percentage of retirement payments to the Virginia Retirement <br />System if it were to adopt the program. Mr. Brown said that he would provide <br /> <br /> <br />