File #: ID 2016-415    Version: 1 Name:
Type: Resolution Status: Passed
File created: 6/23/2016 In control: Regular City Commission Meeting
On agenda: 7/13/2016 Final action: 7/13/2016
Title: AMENDING ARTICLE IV, CONTRIBUTIONS AND COLLECTIONS, OF THE WELFARE BENEFIT TRUST AGREEMENT FOR CURRENT EMPLOYEES AND FUTURE CITY RETIREES; PROVIDING FOR CONTRIBUTIONS AND COLLECTIONS; PROVIDING FOR ADJUSTMENT OF CONTRIBUTIONS, BASED UPON FUTURE ACTUARIAL EVALUATIONS, WITHOUT FURTHER COMMISSION ACTION.
Attachments: 1. RESOLUTION, 2. BACKGROUND 1, 3. BACKGROUND 2

 

TO:                     Mayor and City Commission

 

FROM:                     Douglas E. Smith, City Manager

 

DATE:                     July 13, 2016

 

 

Title

AMENDING ARTICLE IV, CONTRIBUTIONS AND COLLECTIONS, OF THE WELFARE BENEFIT TRUST AGREEMENT FOR CURRENT EMPLOYEES AND FUTURE CITY RETIREES; PROVIDING FOR CONTRIBUTIONS AND COLLECTIONS; PROVIDING FOR ADJUSTMENT OF CONTRIBUTIONS, BASED UPON FUTURE ACTUARIAL EVALUATIONS, WITHOUT FURTHER COMMISSION ACTION. 

 

Body

 

 

BACKGROUND:                     The City Commission approved Resolution 9062 on May 3, 2000, providing for a Welfare Benefit Trust Agreement for current and future City retirees. Through negotiation with the collective bargaining units, this benefit was ended for new employees as of 2010. This benefit currently requires a 1% contribution based upon the total City payroll. This amendment will provide for adjustment of the contribution utilizing actuarial studies to determine the contribution needed to maintain the Trust for participating employees.

 

 

RECOMMENDATION:                     For approval.

 

 

FISCAL IMPACT:                     Approximate initial annual savings will exceed $293,000.

 

 

CONTACT PERSON:                     Douglas E. Smith, City Manager