ITEM TITLE:
Title
Consider approving an ordinance pertaining to Personnel Policies and Procedures, relating to Retirement System For Regular Employees Hired Prior to July 1, 2017, amending Section 17-3-4-336, Division 17-3-4, Article 17-3, Chapter 17, Lawton City Code 2015, by increasing member and city contributions, providing for severability and establishing an effective date.
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INITIATOR: Timothy Wilson, Deputy City Attorney
STAFF INFORMATION SOURCE: Dewayne Burk, Deputy City Manager; Timothy Wilson, Deputy City Attorney
BACKGROUND: This increase is aimed at ensuring the long-term stability of the pension fund. The pension fund is for employees hired prior to July 1, 2017. The increase of member contribution would impact this specific group of employees. The city contribution increase was included in this year’s budget. The ordinance has been to both the Employee Advisory Committee and the Pension Trust Commission.
EXHIBIT: Ordinance 24-
KEY ISSUES: N/A
FUNDING SOURCE: Employee Contributions and All Payroll- Related Funds
STAFF RECOMMENDED COUNCIL ACTION: Approve the ordinance, waive the reading of the ordinance and read the title only.