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Committee hears cost estimates to extend public-safety retirement bridge; members urge budget context before decision
Summary
Alderman Scott Warner presented estimates for extending the public-safety TCRS bridge benefit; staff said the current cost is about $90,000 annually, a 65% step would be roughly $98,000, and a higher (75%) step could cost about $125,000 a year; committee members stressed reviewing the change in the full budget before July 1 because two retirements are imminent.
Alderman Scott Warner updated the Budget & Finance Committee on May 4 about a proposed change to the TCRS bridge program that would allow public-safety employees greater flexibility in collecting a bridge supplement up to age 67, and he provided rough annual cost estimates.
"Currently, the cost of the program as of today is $90,000 a year. If we went to 65%, it would go up to around $98,000 ... near the 75 it's a little more hard to to decipher, but around the $125,000 a…
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