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Commission approves up to $1.2M contribution to defined-benefit pension, files waiver under state law
Summary
To comply with state funding requirements for the city's defined-benefit pension, the commission approved filing for a waiver and authorized a budget amendment to contribute up to $1.2 million from fund balance to increase the city's plan funding level.
The commission voted to authorize the city manager to execute the Protecting Local Government and Retirement Benefit Act application for a waiver and to adopt a resolution authorizing an additional contribution to the municipal employees' retirement system (MERS) of up to $1,200,000 in the 2025 fiscal year. The action follows staff briefing from the finance director on state…
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