Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
SERS board chair urges city to cover cost of unilateral voluntary retirement incentives; actuary estimates $1.47 million impact
Summary
James Teakin, chair of the Spokane Employees Retirement System board, told council the administration implemented a voluntary retirement incentive program without board engagement; actuaries later calculated a $1,471,000 actuarial impact and the SERS board asks the city to pay the resulting cost rather than allocating half to members.
The chair of the Spokane Employees Retirement System board told the Finance and Administration Committee that a recently implemented voluntary retirement incentive (VRI) program was handled without the retirement board's full participation and that the city should cover the resulting actuarial cost.
James Teakin, chair of the SERS board, said the board was told of a possible VRI in September and that an initial informal cost estimate ran as high as $2.2 million. The board later authorized a $10,000 preliminary study. "In March of this year, the actuaries…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
