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Council to consider early retirement incentive that freezes retiree premiums for five years
Summary
Staff presented an early retirement incentive: retirees eligible for RSA with at least 15 years—ity service could receive fixed insurance premiums (family $600/month for five years, rising 5% in year six; single $200/month) and a July 1–Sept. 30 enrollment window. Council agreed to send the measure to vote.
City staff presented a proposal to offer an early retirement incentive to eligible employees. Under the plan, retirees who qualify for RSA and have at least 15 years of service would be eligible to elect city coverage with the retiree share of premiums locked for five years.
For the example presented, family coverage would cost $600 per month for the first five years and increase to $630 in year six to reflect anticipated cost increases; single coverage was presented as $200 per month. A participation acknowledgement form would be executed with each retiree. The incentive package retains the previously discussed length-of-service requirement and administrative details.
The council confirmed the enrollment window would open July 1 and close Sept. 30 and, without objection, sent the item to that night's agenda for a vote.
