Treasurer presents draft amendment adding death benefit to city pension; joint meeting scheduled
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Summary
City treasurer and staff circulated a draft amendment that would add a death benefit payable over 120 months for employees who die before age 55; staff scheduled a joint meeting next Thursday to review the committee recommendation and will circulate the draft to council members.
Shelbyville staff told the council Dec. 30 that a joint meeting is scheduled next Thursday at 9:30 a.m. to review recommendations from the employee pension committee, including a draft amendment to the defined benefit plan.
Treasurer Kate Park said the amendment under consideration would add a death benefit for beneficiaries of employees who die before age 55, providing monthly installments for 120 months. Park said, "This allows unmarried people that pass away under 55 to to get a death benefit." Staff clarified this is a defined‑benefit plan matter and not related to 401(k) account rules. Council members requested the draft be circulated in advance so they can review it prior to the joint meeting.
No formal recommendation or vote occurred during the study session; the pension committee’s recommendations will be discussed at the scheduled joint meeting and returned to the council afterward.