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<br /> <br /> <br /> <br />Ms. Ricci asked if any other municipality had converted from a defined benefit plan to a <br />defined contribution plan. Ms. Watson explained that would be hard to compare as each <br />municipality has its own demographics. <br /> <br />Mr. Sharpe and Mr. Price were concerned with any changes and the effects it would have <br />on the City’s present employees. <br /> <br />Mr. Crow stated that it is important to offer a pension plan that is attractive to future hires <br />and important in retention of present employees. <br /> <br />Ms. Ricci was concerned with the language of the ordinance where the City paid five <br />percent interest on any money returned that the employee put in their pension plan. <br /> <br />It was agreed that the employees need to have their input. <br /> <br />Ms. Watson said it is all about future liability and future assets and is best presented by an <br />expert in the field. <br /> <br />The Pension Board is to meet January 27, 2009. <br /> <br />The meeting was adjourned at 6:30 p.m. <br /> <br /> <br />Joyce Pumm, City Clerk <br /> <br />