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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 that the administration worked with consultant Mark Lester "a pension solution" to correct the plan language and recommended adoption of Resolution 12-1-20-24-F to clarify plan provisions and terminology. "So we work with Mark Lester, a pension solution, to correct our efficiency," Staff Member said in the transcript remarks.
The resolution was presented for consideration; the excerpted transcript records discussion recommending the restatement but does not include a formal mover/second or a recorded vote. The transcript does not provide text of the proposed restatement beyond staff's summary that it would clarify plan provisions and fix administrative errors that had changed plan form.
Councilmembers did not record substantive objections in the provided excerpt; the item appears on the agenda for consideration with staff recommending adoption to correct the administrative error.
