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Commission advances pension restructure options; staff says changes could strengthen fund and add voluntary alternatives
Summary
City commissioners approved on first reading a pension ordinance that adds voluntary defined-contribution and hybrid plan choices while keeping the city’s defined-benefit retirement for those who prefer it.
The commission advanced an ordinance on first reading authorizing two additional retirement plan options for city employees: a defined-contribution (DC) plan and a hybrid plan that mixes a smaller defined-benefit (DB) component with a DC account. The measure preserves the existing defined-benefit plan as an option for current and future employees.
City staff and pension advisors told the commission the changes were negotiated with AFSCME during collective bargaining and were designed to increase recruitment and retention by offering more choices. Staff said the new options would be voluntary and that for current…
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