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Hiram City Council approves retirement-plan changes lowering retirement ages and capping employee contribution
Summary
The council voted March 4 to adopt staff-recommended changes that lower normal and early retirement ages and set a lower fixed employee contribution rate; staff said the move aims to help employees while keeping employer costs manageable.
HIRAM, Ga. — The Hiram City Council on March 4 approved changes to the city's employee retirement plan that lower the normal retirement age, reduce the early-retirement threshold and limit the employee contribution rate, council members said.
City staff presented two options before the council. Staff said the approved option (called “option 2” in the materials) keeps the employer contribution at the budgeted level while reducing the required employee contribution so workers see more take-home pay. "Basically, because there have been conversations and everything with the GMA, the option 1 ... was reducing the retirement age from 65 to 60, early retirement with 10 years of service from 55 to 50,"…
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