|
Title:
|
Approves revisions to the Denver Employees Retirement Plan (DERP) for new employees which includes increasing the minimum retirement age to 60, instituting a Rule of 85 for unreduced benefits, increasing the Average Monthly Salary calculation from 3 years to 5 years, eliminating the social security make-up benefit, and requiring a five-year vesting period for all employees; effective July 1, 2011. In addition, the legislation will add one additional member to the Advisory Committee appointed by the Career Service Board. (GENERAL GOVERNMENT AND FINANCE) Approves adjustments to the Denver Employees Retirement Plan (DERP) governance structure and changes to the pension offered by DERP for new employees which include increasing the minimum retirement age to 60, instituting a Rule of 80 for unreduced benefits, and increasing the Average Monthly Salary calculation from 3 years to 5 years; effective July 1, 2011. In addition, the revise the DERP governance structure to require the DERP Boa...
|