HomeMy WebLinkAbout90-32 - ADMIN Resolution - City Council - 1990/03/19RESOLUTION
90-32
AUTHORIZING THE CITY'S
EARLY RETIREMENT INCENTIVE PROGRAM
Whereas the City of St. Louis Park desires to provide employees
who meet the designated requirements an incentive for taking an
early retirement.
Now, therefore be it resolved by the City Council of the City of
St. Louis Park that the Early Retirement Incentive Program be
established as follows:
I. Eligibility Requirements: An employee:
a. must have completed 20 years of continuous service as a
regular, full time employee with the City of St. Louis
Park
b. must be at minimum 55 years of age
c. must not be subject to a reduced pension as a result of
the early retirement
d. must terminate in good standing with the City during
the effective period of this program.
II. Eligibility Discontinuation
Eligibility to participate in the Early Retirement
Incentive Program shall discontinue if the retiree:
a. dies
b. is convicted of a felony crime
c. becomes eligible for medicare
d. is age 65
e. becomes covered by another health insurance program
other than a City approved program for the retiree
residing in the City's coverage area.
III. Benefit
a. Employees who meet the specified requirements in I and
II above may be eligible for continuation of group
health insurance participation with a health insurance
provider as made available by the City.
b. The City shall pay the cost of the single coverage
health insurance premium as selected by the employee
from the available plans offered by the City.
c. The City will pay the equivalent of the middle cost
single coverage health insurance premium only for
employees who meet the requirements in I and II above
and move outside the geographic coverage area provided
evidence of health insurance and verification of
payment is provided to the City. Failure to provide
verification and evidence annually shall result in the
termination of participation in the program.
Early Retirement Incentive Program
March 19, 1990 - pg. 2
IV. Eligibility Effective Date
The effective date for eligibility in the program shall be
May 1, 1990 and shall terminate on December 31, 1991.
Reinstatement of the program may take place only upon the
City Council's authorization.
Attest
VfyCle
Adopted by the City Council March 19, 1990
F
Mayor
Reviewed for Administration: Approved as to Form and Execution:
City Manager City A r=--rney
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