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Mr. Glickert asked what difference in cost to the City if it would be changed from ten years <br />to five years to become fully invested. Mr. Siepman stated that it would not be a big cost. <br />Ms. Ricci asked for a cost report of transitioning new employees into a defined contribution <br />plan only. She also asked for records back to 1999 of the Unfunded Accrued Liability <br />(UAL) of the Police and Firefighter’s retirement system on schedule B of Buck Consultants <br />report. <br />The Council asked Mr. Siepman to furnish them with a report on the projected cost to the <br />City in changing the pension plan from a defined benefit plan to a defined contribution <br />plan. <br />Council will follow-up with another study session on January 5 to discuss defined benefits <br />versus defined contribution. <br />The meeting was adjourned at 6:30 p.m. <br />Joyce Pumm, City Clerk <br /> <br />