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Council approves changes to employee retirement plan; moves non‑elective city contribution to 9%
Summary
The council approved Resolution 202402 on Aug. 20, 2024, to amend the city’s defined-contribution retirement plan for general employees by increasing the non‑elective employer contribution from 7% to 9% and retaining the 3% elective match. Council amended the proposal to defer changes to vesting and approved the resolution 5-0 as amended.
The City Council approved Resolution 202402 on Aug. 20, 2024, amending the city’s defined-contribution retirement plan for general employees. The adopted changes raise the city’s non‑elective contribution (the employer portion added to employee accounts regardless of employee contributions) from 7% to 9% and leave the elective employee-match program at the current 3% match.
Staff and the plan consultant presented the…
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