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Council adopts new general-employee retirement plan and creates trustee board; one-time reserve funding approved for transition costs
Summary
The council adopted Ordinance O‑25‑13 to create a new defined-benefit retirement plan for general employees (participation start 10/01/2025) and Ordinance O‑25‑14 establishing the plan’s five-member board of trustees; staff said one-time costs tied to unvested employees and buybacks will be funded from reserves.
The Sebastian City Council adopted Ordinance O‑25‑13, establishing a new defined-benefit retirement plan and trust for general employees, and Ordinance O‑25‑14, creating the five-member board of trustees to administer the plan.
Staff said the plan will start Oct. 1, 2025, cover full-time general employees and include an opt‑out provision for workers within five years of retirement. Employee contributions are voluntary (0–10%), vesting is five years, and the plan provides standard…
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