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Council considers resolution to restate retirement plan after administrative errors
Summary
Council discussion focused on Resolution 12-1-20-24-F to clarify plan provisions and restate the city retirement plan after administrative errors that the transcript says converted the plan into a 401(k); staff recommended adopting the resolution and working with consultant Mark Lester to correct plan language.
The Village Council reviewed a resolution to restate the city's retirement plan after staff identified administrative errors in a June 2022 restatement that, according to staff remarks in the transcript, had the effect of converting the plan into a 401(k) form.
Staff Member told the council…
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