Council approves changes to general‑employee pension plan on second reading
Council approved a second‑reading ordinance that (1) allows certain newly hired charter officers to opt into a 401(a) instead of the defined‑benefit pension, (2) extends DROP participation from five to eight years, and (3) allows immediate membership in the plan for new hires.
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The Village Council on second reading approved amendments to the general‑employee pension ordinance that the pension board had recommended for further action. Staff and outside consultants summarized three items advancing to second reading: a new option for eligible charter officers to choose a defined‑contribution plan, extending the DROP participation period from five years to eight years, and allowing immediate membership in the plan rather than delaying enrollment for a year.
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