HomeMy WebLinkAbout2006 02 27 Consent 400 Update Defined Benefit Pension Plan
COMMISSION AGENDA
ITEM 400
Consent X
February 27,2006
Regular Meeting
REQUEST:
City Manager requesting the City Commission to authorize the Pension
Attorney to revise and update the City of Winter Springs Defined Benefit
Pension Plan.
PURPOSE:
To obtain Commission authorization for the Pension Attorney to reVIse and
update the City of Winter Springs Defined Benefit Pension Plan.
CONSIDERATIONS:
On January 31, 2006 the Board of Trustees voted to recommend the City Commission authorize
the Pension Attorney to update the City's Pension Plan document.
In the opinion ofthe Pension Attorney, the City's pension plan document is too long, too
complicated and could be written much more concisely. This update would delete previously
included language that is excessive and unnecessary, as well as to provided for a document that
is easier to apply and use.
FUNDING:
The update is estimated to cost between $7,500 and $10,000. Funding would come from the
Pension Fund.
RECOMMENDATION:
The City Manager recommends the Commission take the following action:
Authorize Pension Attorney to revise and update the City of Winter Springs Defined Benefit
Pension Plan document.
ATTACHMENTS:
COMMISSION ACTION: