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TUESDAY, APRIL 9o 1991 <br /> <br /> Council ~considered adoption of a Resolution authorlzlng the city~s <br /> participation in the State's propQsed early retirement program. 'Mr. Brown <br /> reiterated his recommendation that the adoption of this program would be <br /> beneficial to both the City and the employees who would potentially <br /> participate in the program. Mr. Brown said he had met with Department Heads <br /> <br /> and that it was estimated that 50%-60% .of those eligible to retire would <br /> <br />· -actually do so. Mr. Brown said that the additional percentage of assessment <br /> tothe City's retirement payment resulting from the early retirement program <br /> would beassessed for a period of 20 years.-I In response to a question bY <br /> councilman Oakes, Mr. Brown said that it was not possible to estimate what <br /> the additional increase in retirement payments would be if 50% of those <br /> eligible to retire were to do so because the percentage of increase would <br /> depend on which employees actually retired. Councilman Oakes expressed <br /> concern that if only half of the eligible employees retired, the City would <br /> begin to see an additional net cost from the program after a few years. In <br /> response to a question by Councilman Adams, Finance Director Richard D. Fitts <br /> stated that the total years of service for those employees eligible to take <br /> the early retirement option was 859 years.° Vice,Mayor Groden stated that he <br /> felt~it~wasin the best interest of the City to adopt the program and made a <br /> motion that the plan be adopted. This motion was seconded by'Councilman <br /> Williams. Councilman Oakes asked Mr. Brown that if 4 full-time equivalent <br /> positions would be reduced if.only 10 employees took advantage of the <br /> program.! Mr..Brown stated that it would depend on which employees decided to <br /> go, but that he hoped that reductions would still be able to be made. Mayor <br /> McClain asked Mr. Brown to present a follow-up report to Council after it is <br /> known which employees will take advantage of the plan. Councilman Oakes said <br /> that- he would support the program, but that he expected the City <br /> Administration to ensure that it would not become a cost item to the <br /> taxpayers° Mr. Elmer Pingry, Projects Engineer~ spoke in support of the <br /> <br /> <br />