HomeMy WebLinkAboutIII (C) Approval and Authorization to (1) Implement General Employees' Retiree Insurance Supplement in the Amount of $100.00 Monthly, (2) Implement the Same Benefit for Elected Officials who Haved Served Two Terms in Offices Upon Separation From the City Agenda 9-18-2001
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\':., PEGGY PSALEDAKIS
HUMAN RECOURCES DIRELTOR
150 N.LAKESHORE DRIVE•OCOEE,FLORIDA 34761
(407)905-3100•FAX(407)656-5741
MEMORANDUM
TO: THE HONORABLE MAYOR AND MEMBERS OF THE
COMMISSION
FR: PEGGY PSALEDAKIS, H R DIRECTOR
DA: SEPTEMBER 7, 2001
SU: RETIREE INSURANCE SUPPLEMENT
During the past three years the General Employee Pension Board has worked diligently
to provide a$100.00 monthly insurance supplement for retirees to assist in the high cost
of insurance. They were asked to poll employees; do actuary studies and present cost
factors to the City. This they accomplished.
At the budget session of September 5, 2001 Mr. Lester Dabbs presented the information
required and further advised that a survey was done by the pension board to the General
Employees who responded 90%voted yes.
The cost to the City will be$22,489. This will mean an increase in pension contributions
for the general employee of.4% (from 7.4%to 7.8%). Our pension plan is a deferred
plan, and in most cases the increase shall be minuscule. This provision will be effective
October 1, 2001.
Effective October 1, 2001 in addition, elected officials who have served two terms in
office upon separation from the City, shall have $100.00 paid directly to the existing City
insurance carrier to supplement insurance costs in keeping with the spirit of paragraph
one above.
We respectfully request that the Honorable Mayor and the Members of the Commission
accept this recommendation.
Cc: City Manager
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