HomeMy WebLinkAbout92-180 - ADMIN Resolution - City Council - 1992/11/16r
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92-180
RESOLUTION
AUTHORIZING THE CITY'S
EARLY RETIREMENT INCENTIVE PROGRAM
FOR CALENDAR YEAR 1993
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, and
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) becomes eligible for medicare,
c) is age 65, or
d) 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) For employees who retire according to the above
mentioned criteria and who move outside the geographic
coverage area may choose to receive the cash equivalent
in a lump sum. This amount shall be determined by
multiplying the middle cost premium by the number of
months until the employee reaches age 65.
9Z-viit)
Early Retirement Incentive Program
November 16, 1992 - pg. 2
IV. Eligibility Effective Date
The effective date for eligibility into the program shall
be January 1, 1993 and shall terminate on December 31,
1993. Reinstatement of eligibility into the program may
take place only upon the City Council's authorization.
V. Funding
The City shall make funds available in calendar year 1993
to fund this program. Funding for the subsequent years of
this program shall be contained in the annual City budget
as submitted by the City Manager.
Adopted by the City Council November 16, 1992
Reviewed for Administration: Approved as to Form and Execution:
Gi4401)0?/t ALcao_54r0A)
City Attorney
City Manager