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File #: 11-0413    Version: 1
Type: Bill Status: Passed
File created: 6/1/2011 In control: Finance & Governance Committee
On agenda: 6/1/2011 Final action: 6/20/2011
Title: 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.
Attachments: 1. A bill for an ordinance amending the 1963 Retireme - Bill Request, 2. A bill for an ordinance amending the 1963 Retireme - BR11-0413_Contribution Increase Council Bill Request 05-27-2011 final (2), 3. A bill for an ordinance amending the 1963 Retireme - BR11-0413_Executive Summary 11 Contribution Increase 05-27-11 final (3), 4. A bill for an ordinance amending the 1963 Retireme - DERP-Reset Contribution Rates 6-11.pdf, 5. A bill for an ordinance amending the 1963 Retireme - CB11-0413_Bill_DERP Contribution Increase Bill