HomeMy WebLinkAbout2008-02-06 PACKET 04.J.REQUEST OF CITY COUNCI� ACTION COUNCIL
MEETING
DATE 2/6/08
PREPARED BY: Finance and Administrative Services
ORlGINATING DEPARTMENT
AGENDA
ITEM # Q
Ron Nedberg
STAFFRJTHOR
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COUNCIL ACTION REQUEST:
Consider approving the amendments to the ICMA City Administrator Pension Plan.
STAFF RECOMMENDATBON:
Approve the amendments to the ICMA City Administrator Pension Plan.
BUDGET IMP�ICATION: $
BUDGETED AMOUNT
�
ACTUA�AMOUNT FUNDINGSOURCE
ADVISORY COMMISSION ACTION:
DATE
❑ PLANNING
❑ PUBLIC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAN SERVICES/RIGHTS
❑ ECONOMIC DEV. AUTHORITY
❑
SUPPORTING DOCUMENTS:
REVIEWED
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� MEMO/�ETTER: Memo from Joe Fischbach dated 1/28/O8
❑ RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
❑ OTHER:
ADMINISTRATORS COMMENTS:
APPROVED
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❑
❑
❑
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❑
DENIED
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❑
❑
❑
❑
❑
❑
// �d/C)f
i y Administrator Date
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COUNCIL ACTION TAKEN: ��APPROVED ❑ DENIED ❑ OTHER
CITY OF COTTAGE GROVE
MINNESOTA
To: Honorable Mayor anc� City Council
From: Joe Fischbach, Management Analyst �{
Date: 1 /28/2008
Subject: City Administrator Pension Plan Amendment to Contract
Backqround
in November of 1997, City Administrator Ryan Schroeder elected to opt out of the Pubiic
Empioyee Retirement Association (PERA) Pension Plan. He elected to contribute to the ICMA
Retirement Corporation's Money Purchase Plan & Trust or the City Administrator Pension Plan
instead. The City agreed to contribute the same amount as it would for PERA to the ICMA
Pension in lieu of the City's contribution to the PERA pension. In order to establish this plan,
City Council adopted a Trust Adoption Resolution on November 19, 1997. The action
requested is to amend this Trust Adoption Agreement for the new contribution.
The State Legislature required PERA to increase both employee and empioyer contribution
rates in 2008. The employer contribution rate went from 6.25% of gross wages to 6.50% of
gross wages. Staff is recommending Council increase the contribution to the City Administrator
Pension Plan to 6.50% of gross wages from 6.25% of gross wages as well.
Recommendatian
Approve the amendments to the ICMA City Administrator Pension Plan.