Retirement Planning Meetings. The City agrees to make a representative available from its retirement plan vendor to meet with each new employee one-on-one within 12 months after completing probation to discuss saving for retirement. The City agrees to make a Certified Financial Planner available from its retirement plan vendor to meet with each employee one-on-one in the calendar year the employee becomes 50 years old to discuss retirement planning generally and to specifically review the option of participation in the Income Advantage Fund which provides a defined benefit for the life of the retiree. The employee will be encouraged to have their spouse or other family member attend as well. The City agrees to arrange a similar meeting in the year in which the employee becomes age 60. Attendance at all three meeting shall be mandatory.
Retirement Planning Meetings. The City agrees to make a representative available from ICMA-RC to meet with each new employee one-on-one within twelve (12) months after the employee completes probation to discuss retirement planning. The City also agrees to make arrangements for similar meetings with each employee one-on-one in the calendar years the employee becomes 50 years old and when the employee becomes 60 for fu1ther discussions about retirement planning. The employee will be encouraged to have his/her spouse or other family member attend each meeting as well. Employee attendance at all three meetings shall be optional.
Retirement Planning Meetings. The City agrees to make a representative available from ICMA-RC to meet with each new employee one-on-one within 12 months after completing probation to discuss saving for retirement. The City agrees to make a Certified Financial Planner available from ICMA-RC to meet with each employee one-on-one in the calendar year the employee becomes 50 years old to discuss retirement planning generally and to specifically review the option of participation in the ICMA- RC Income Advantage Fund which provides a defined benefit for the life of the retiree. The employee will be encouraged to have his or her spouse or other family member attend as well. The City agrees to arrange a similar meeting in the year in which the employee becomes age 60. Attendance at all three meeting shall be mandatory. RETIREE HEALTH SUBSIDY/RETIREE HEALTH SAVINGS PLANS A retiree health subsidy (“Subsidy”) is currently available to employees hired before October 25, 2010 who are at least 55 years of age with a minimum of 10 years of full-time service with the City. Part time employees with a minimum of five years of full time service and up to a maximum of 10 years of eligible part time service are also eligible to receive a Subsidy. An employee hired on or after October 25, 2010 shall not be eligible for the Subsidy. The City does not offer a retirement health savings plan. A retirement health savings plan exists through ICMA (“ICMA Plan”) or successor for full time employees with at least one year of service with the city who previously elected to participate in it. The ICMA Plan is no longer being offered to employees so the foregoing applies to current participants. Specific requirements and details of both plans are available from the Human Resources department.
