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City weighs exiting CWA pension plan; staff outline three replacement options and 20‑year withdrawal liability
Summary
City staff told the July 16 budget workshop that the actuarial report shows higher required retirement contributions for general employees and that the budget includes a 20‑year withdrawal liability of about $297,000 if the city exits the CWA pension plan.
City Manager Brian told the budget workshop that the city has received an actuarial report showing higher-than-budgeted contribution rates for the general-employee retirement plan the city belongs to with the Communications Workers of America (CWA). Brian said the actuarial findings show a required contribution closer to the 16 percent range per employee — well above the 9 percent the city historically budgets. "The percentages are a little high right now. It's higher than what we have budgeted. It's closer to the 16% range per employee and that's with contributions from the employees," he said.
At the meeting staff laid out three broad options if the city proceeds to withdraw from the CWA plan after…
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