ACTION REQUESTED:
Title
Communication from the City Manager and Human Resources Director with a Request to APPROVE a RESOLUTION Approving a 401(a) MONEY PURCHASE PLAN Document.
Body
BACKGROUND: The City wishes to establish a 401(a) Money Purchase Plan for the Police Chief to enable a method to provide for retirement savings. After examining the opportunity to transfer other service credit to the Peoria Police Pension, it was not in the Chief’s best interest to transfer his other service credit to the Pension Fund. Therefore, he does not wish to participate. As an alternative the City will establish a 401(a) and contribute an amount not to exceed the contribution that would have been made if he had participated in the Police Pension Fund.
FINANCIAL IMPACT: The City will contribute an amount not to exceed the amount they would have contributed if the Chief participated in the Peoria Police Pension fund.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: The Chief will be able to continue retirement savings.
IMPACT IF DENIED: The City and Chief will have to examine alternative retirement savings mechanisms.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
DEPARTMENT: Human Resources