HomeMy WebLinkAbout2006 11 16 Regular 300 Review and Consider Information regarding potential changes to City's Pension Plan COMMISSION AGENDA
WORKSHOP
Consent
ITEM 300 Informational
Public Hearing
Regular X
November 16, 2006 MGR. /'' /DEPT.
Workshop Authorization
REQUEST: City Manager requesting the City Commission review and consider information
regarding potential changes to the City's Pension Plan.
PURPOSE: This agenda item is needed for the Commission to receive information regarding potential
changes to the City's Pension Plan as provided in City Resolution 2006 -52.
CONSIDERATIONS:
On September 25, 2006 the City Commission approved Resolution 2006 -52 providing for a study
methodology for determining the feasibility and desirability of approving changes to the City's current
unified citywide Defined Benefit Pension Plan.
On September 27, 2006 the City Commission entertained "Phase A" of the study methodology and
reached a consensus to proceed forward to "Phase B" of the study.
Phase B of the approved Study Methodology includes a review of staff's report on the feasibility and
desirability of implementing changes to the City's current unified citywide Defined Benefit Pension
Plan.
FEASIBILITY Factors include:
a. Legal Analysis
b. Economic Analysis (Cost of current and alternative plans)
i. Plan Design
ii. Plan Assumptions
iii. Benefits
iv. Funding Goals
v. Participation Rates
DESIRABILITY factors include various issues for consideration regarding desirability of changes.
FUNDING: To be determined based upon final Commission decision.
RECOMMENDATION: It is recommended that the City Commission consider data provided
regarding the feasibility and desirability of implementing changes to the City's current unified citywide
Defined Benefit Pension Plan and determine if it desires to proceed to Phase C of the Study
Methodology approved in Resolution 2006 -52.
ATTACHMENTS:
1. Staff Report
COMMISSION ACTION: