HomeMy WebLinkAboutRes1986-086
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Rescinded by Resolution No. 87-004
Garzini
Sponsored by:
CITY OF SEWARD, ALASKA
RESOLUTION NO. 86-86
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, AUTHORIZING CITY PARTICIPATION IN
THE PUBLIC EMPLOYEES RETIREMENT SYSTEM'S RETIREMENT
INCENTIVE PROGRAM
WHEREAS, the state legislature has enacted legislation
creating a retirement incentive program (RIP) for state and
municipal employees vested in the state Public Employees
Retirement System (PERS); and
WHEREAS, this program will allow eligible employees to
accept an early retirement by receiving an additional credit
of up to three years service; and
WHEREAS, the object of the program is to induce early
retirement by some employees in order to reduce personnel
costs and avoid layoffs; and
WHEREAS, although the intent of the program is to save
money, there are certain "up front" costs to both the
employee and the employer; and
WHEREAS, the city would be required to contribute a
one-time payment in an amount equal to approximately 40.5%
of an employee's annual salary should that employee opt to
receive the total three years' credit for early retirement;
and
WHEREAS, positions vacated through early retirement
would either be eliminated, combined with another position,
reclassified downward or filled at an entry-level rate of
pay, thus resulting in a savings to the city; and
WHEREAS, participation in the program requires a
resolution of the City Council;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF SEWARD, ALASKA, that:
Section 1. The City Manager is authorized to execute
the documents necessary to allow organization-wide partici-
pation in the Public Employees Retirement System's Retire-
ment Incentive Program.
Section 2. This resolution shall take effect immedi-
ately upon its adoption.
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 86-86
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PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, this 8th day of September , 1986
AYES: BOOHER,
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
THE CITY OF SEWARD, ALASKA
GIESELER, GILLESPIE, HILTON, MEEHAN, SCHOLL & SIMUTIS
ATTEST:
(City Seal)
APPROVED AS TO FORM:
HUGHES, THORSNESS, GANTZ,
POWELL & BRUNDIN, Attorneys
for the City of Seward, AK
7~aI~
Fred B. Arvidson
City Attorney
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