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Approves a 1.5 percent increase to the DERP plan based on a recent actuarial study to meet the Annual Required Contribution (ARC). The additional contribution will increase from 15 percent to 16.5 percent, of covered employees' salary for retirement contributions, to be split (0.75%) equally between the City and current employees. The increase will be effective January 1, 2012. (GENERAL GOVERNMENT & FINANCE) Approves a 1.5 percent increase to the DERP plan based on a recent actuarial study to meet the Annual Required Contribution (ARC). The additional contribution will increase from 15 percent to 16.5 percent, of covered employees' salary for retirement contributions, to be split (0.75%) equally between the City and current employees. The increase will be effective January 1, 2012. The Committee approved filing this bill at its meeting on 6-1-11.
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