Item No: 5G.

Meeting Date: March 26, 2012

From: Jay M. Evans, City Manager

Subject: Ordinance amending the Retirement Plan for General Employees changing Section1 Definitions and Section 10 Optional Forms of Benefits

Staff Recommendation:

Staff recommends approval of the proposed ordinance amending the Retirement Plan for General Employees.

Analysis:

The changes to the Plan were discussed and approved at the Pension Board meeting held on March 6, 2012. The change to Section 1 Definitions is to correctly replace language related to Credited Service that was inadvertently omitted with the adoption of Ordinance No. 09-38. The change to Section 10 is related to the designation and process to subsequently change the member’s beneficiary and joint pensioner.

Options:

1. Adopt the Ordinance as presented; or

2. Such alternative action as the Commission may deem appropriate

Fiscal Impact:

There is no fiscal impact resulting from these changes.

Submission Date and Time: 3/21/2012 4:13 PM____

Department: __City Manager__________ Prepared by: __Jay M. Evans__________ Attachments: Yes__X__ No ______ Advertised: ____Not Required ______ Dates: __________________________ Attorney Review : Yes___ No ____ _________________________________ Revised 6/10/04

Reviewed by: Dept. Head ________ Finance Dept. __________________ Deputy C.M. ___________________ Submitted by: City Manager ___________________

Account No. _________________ Project No. ___________________ WF No. ______________________ Budget ______________________ Available _____________________