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City trustees present updates to Title 28 Municipal Employees Retirement Plan; funding-policy language revised
Summary
Municipal Employees Retirement Plan trustees described proposed edits to Title 28 covering administrative definitions, beneficiary defaults and a funding-policy change that would hold employer contribution at 17% of non-sworn payroll until actuarial targets are met, then permit gradual reduction toward normal cost.
Trustees and plan representatives briefed the council on a package of updates to Title 28, the city ordinance governing the Municipal Employees Retirement Plan (MERT), including administrative clarifications and a substantive change to how employer contributions are managed when the plan reaches funding targets.
James Wagner, a MERT trustee, provided background on the plan and the revision project. "This is a plan that's governed by seven trustees ... it has 2,600 active members," Wagner said, and he reported the plan manages about $640 million in assets. He described the review as separated into administrative-clarity changes and policy changes, and turned to Tanya (plan administrator) to review administrative edits.
Tanya said staff updated definitions used in benefit calculations, removed language referencing optional contributions that the plan no longer accepts, adjusted default beneficiary…
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