Laserfiche WebLink
<br /> <br /> <br />MINUTES OF UNIVERSITY CITY COUNCIL <br />STUDY SESSION <br />JANUARY 05, 2009 <br /> <br /> <br />The Council Study Session, held in the Chambers of the City Hall, on Monday, January 05, <br />2009, was called to order by Mayor Adams at 5:30 p.m. In addition to Mayor Adams, the <br />following members of the Council were present: <br /> <br /> Mr. Arthur Sharpe, Jr. <br /> Mr. Terry Crow <br /> Mr. Michael Glickert <br /> Mr. Robert Wagner <br /> Ms. Lynn Ricci <br /> Mr. Byron Price <br /> <br />Also present were the City Manager Julie Feier, Deputy City Manager Janet Watson, and <br />the City Attorney John Mulligan. <br /> <br />The Study Session was to discuss the City’s non-uniform pension plan and if the City <br />should consider converting to defined benefits versus defined contributions pension plan. <br />The first option discussed was changing from a defined benefits plan to a defined <br />contributions plan, with a City match for all new employees. The second option was <br />changing all new employees and non-vested employees to a defined contributions plan <br />with a City match from defined benefits plan. The third option would be to convert all <br />employees to defined contributions plan with a City match. The final option was to make <br />no change. <br /> <br />The questions that arose was what would be the cost to the City immediately and in the <br />future for any of the options. Ms. Watson mentioned that a consultant could be hired to <br />evaluate these options at the cost of approximately $5,000. <br /> <br />Ms. Watson mentioned that the liability of the defined benefit plan will be in effect for many <br />years but will decrease with years. <br /> <br />Points covered <br /> <br /> Non-vested employees should have an option of continuing in the existing plan or <br />changing <br /> <br /> Consideration should be looking at the cost in the long term not the immediate <br />effect. <br /> <br /> University City’s pension fund was eighty-seven percent funded <br /> <br /> Council was concerned with having only one investor for the pension fund <br /> <br /> Mr. Glickert wanted any questions Council had to be presented to the Pension <br />Commission for their input before considering hiring a consultant or changing anything. He <br />would send out an announcement for anyone interested. At that meeting, topics would be <br />formalized to present to the City’s Pension Board for their comments. He was to send out <br />an email with date, time and place to all of Council. <br /> <br /> <br />