Placement: New Business
Action Requested: Motion / Vote
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Approval of Increase to Retirement Plan Contribution for Non-Bargaining Unit Civilian Personnel
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Submitted By: Kristina Ciuperger, Human Resources
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Executive Summary (General Business): Request for approval from the City Council to increase the City's contribution to the retirement plan for non-bargaining unit civilian personnel from 11.4% to 12% and to approve an increase in the mandatory employee contribution from 1% to 3%, to become effective as of the second pay date in September; to wit: September 17, 2021.
Presentation Information: Staff and Mr. Daniel Kleman will be available to answer any questions the Council may have.
Staff Recommendation: Move that the Council approve the requested increase.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the requested increase.
2. Move that the Council deny the recommendation and provide staff direction.
Background: During negotiations, the civilian bargaining units were interested in joining the Florida Retirement System ("FRS") and declined an increase to the City's retirement plan contribution and a corresponding increase to the mandatory contribution of bargaining unit employees. Many retirement professionals believe that a minimum of 15% of salary should be contributed to retirement savings to ensure retirement security. After negotiations, staff held several focus groups and meetings with non-bargaining unit civilian personnel to discuss, and ascertain the employees' amenability to, implementation of an increase in the City's retirement plan contribution from 11.4% to 12% and the corresponding increase in the mandatory employee contribution from 1% to 3%. Positive feedback was received from the various focus groups in support of the increased contribution.
Issues/Analysis: As the response from the focus gro...
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