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City staff flag MERS problems; committee hears ICMA may be cheaper
Summary
City Manager Kimberly Hines told the committee that MERS has had problems over the past three to five years and that the city has received inconsistent answers about plan options; she said ICMA appears to be a cheaper alternative and raised the issue for further study.
City Manager Kimberly Hines told Gladwin’s Committee of the Whole on Oct. 16 that the city has experienced problems with the Municipal Employees' Retirement System (MERS) dating back "three to five years" and reported inconsistent guidance about whether the city could operate two MERS plans simultaneously.
Hines said the city had been told ICMA retirement plans may be less costly than the existing pension arrangements, and she asked that the issue be researched further so council can weigh options. The committee did not take a formal vote; the conversation ended with staff directed to continue reviewing plan options and provide additional information to council.
