Council approves state-authorized retiree bonus program for Winfield retirees
Summary
The mayor presented a state notice allowing municipalities to provide a small retiree bonus; he recommended applying the adjustment and the council approved the program, noting an example calculation of $300 for 25 years of service.
Mayor presented a state-provided option allowing municipalities to provide a modest retiree bonus based on years of credible service and recommended the council adopt it for city retirees. He circulated the state's letter and an estimate of the city's cost and described how the calculation works: the state-supplied formula multiplies a dollar amount per month by the number of years of service.
"So, for example, something with 25 year service would say $300 which is 12 times 25," the mayor said when explaining the calculation used for the retirement bonus. The council moved and approved the recommendation; the mayor characterized the payment as a small way to recognize longtime service.
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