Council reviews proposal for defined‑contribution retirement option administered through GMA
Staff presented a proposed defined‑contribution retirement option (GMA‑administered) with sample match formulas and vesting choices; council asked staff to obtain cost estimates and return with details for the budget cycle.
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City staff presented a proposal to offer a defined‑contribution retirement option administered through GMA, with sample employer matching structures and vesting schedules intended to help with staff retention. Council discussed eligibility, administrative costs and how vesting would apply to current employees and elected officials.
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