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City reviews retirement-plan amendment to refund members' contributions, expand pension board
Summary
City human-resources staff and a pension consultant described a proposed amendment to the city's defined-benefit retirement plan that would guarantee refund of a participant's own contributions in some death cases and allow the pension board to increase its membership; the transcript does not record a final vote.
City staff and the city's pension consultant presented an amendment to the Amended and Restated Retirement System of the City of Bartlett Defined Benefit Plan that would guarantee a refund of a deceased participant's own contributions in cases where survivors would otherwise receive no benefit and would increase the pension board's membership.
Lori Von Bockelamine, the city's chief human resources officer, introduced the amendment and called on Frank Stockdale Carney, who advises the city on its defined-benefit and cash-balance plans, to explain details. Carney said the change was prompted by a recent death in which a participant with 15 years of service left no surviving spouse…
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