Impact
WARD: Ward
COMMITTEE: Human Resources
$ IMPACT:
Title
Approval of Modification to the Defined Benefit Plan regarding vesting for salary pay grades 24 and higher.
Body
ISSUE: Reduce vesting for Pay Grades 24 and higher (1999 and 2010 plans)
BACKGROUND: Currently the vesting for employees in the Defined Benefit Plan is either 7 years (1999 plan) or 10 years (2010 plan). To enhance recruitment efforts in the future for key upper level positions, reducing the vesting to 5 years will place the City of Smyrna in a stronger position for attracting and securing highly qualified candidates.
RECOMMENDATION/REQUESTED ACTION: Approval of Modification to the Defined Benefit plan, reducing vesting to 5 years for Pay Grade levels 24 and higher.