2009-03-23 Regular Council Meeting Agenda

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Non-Uniform Pension Plan Potential Conversion 5. Actuary Scope of Services The Board for the Non-Uniformed Employees Retirement System (the “Plan”) is seeking to determine the anticipated future costs of the Plan as it exists, and also what those costs would be if one of the following proposals were to be implemented. A. Employees hired after a certain date would not be considered eligible for participation in the Plan but instead would receive a 6%* City contribution to the 401(a) plan, along with a 3% employee mandatory contribution. B. In addition to employees hired after a certain date not being eligible for the Plan, existing employees who are participants in the Plan but are not vested would cease to be eligible to accrue benefits under the Plan, and instead would receive a 6%* City contribution to the 401(a) plan from that certain date forward, along with a 3% employee mandatory contribution. The fee to set up the cost projections, evaluate the differences in costs over a 10-year period, and report the results to the City would be $2,500. This work would be performed in conjunction with the 2009 actuarial valuation, and will utilize the results of the valuation. The cost projections will use the current Plan assumptions which will project the assumed rate of return of 6.5% for 2009 and beyond. Actual future plan costs will be dependent on actual Plan experience. * The Pension Board has not yet made a recommendation as to the City’s contribution rate for the proposed defined contribution plan, therefore the actuary will use 6% for the sole purpose of the calculations listed above. Police Car Purchase: 6. We are purchasing four 2009 Impalas at $80,014 ($20,003.50 each) with police specifications through the Missouri State Contract which was competitively bid. In an effort to stretch the timeframe on purchases, we did not purchase any police vehicles last year and these four vehicles need replacement since they have nearly 100,000 miles on them. Entities only have one opportunity each year to purchase from the state contract. The last time we purchased any police vehicles was FY07 and the cost was $17,881 per vehicle. Staff requests Council’s approval to proceed with this budgeted expense. Upcoming Meetings and Events: Monday, April 6: 5:30 PM Study Session 6:30 PM Council Meeting Monday, April 20: 5:30 PM Study Session 6:30 Council Meeting Thursday, April 23: Budget Meeting Canceled