Impact
WARD: Ward
COMMITTEE: Human Resources
$ IMPACT: None
Title
Approval and adoption of amendments to the Defined Benefit Plan and authorize Mayor to execute related documents
Body
ISSUE: Approval and adoption of amendments to the Defined Benefit Plan
BACKGROUND: In February 2014, Council considered and adopted an amendment to the DB plan which lowered the required vesting/credited service period for employees in Grades 24 and higher. During the subsequent year, it was determined that the amended plan document did not clearly state the full intent of this modification. GMA counsel concurred that the document needed additional clarification/modifications. GMA made the modifications and provided the city with the attached amendment for adoption.
In addition, on January 1, 2015, GMEBS deleted 2 sections from their Master Plan document. These sections have also been deleted from the City's General Addendum.
RECOMMENDATION/REQUESTED ACTION: Approval and adoption of amendments to the Defined Benefit Plan and authorize Mayor to execute related documents