Title
An Ordinance amending the Code of Ordinances Section 2-339 Determination of Final Average Salary to change the time period used for determining a member employee’s final average salary from a sixty (60) consecutive-month period to a thirty-six (36) consecutive-month period with the Missouri Local Government Employees Retirement System. (F&BC 5/6/24)
(Note: First read by Council on June 4, 2024. Passed by unanimous vote with one recusal.)
Body
Issue/Request:
This is a follow up to the City Manager presentation of the Attraction, Satisfaction and Retention (ASR) Teams initiative from the April 9, 2024 City Council meeting. This information is being presented to consider changing the Local Government Employee Retirement System (LAGERS) retirement program L-6 plan calculation from a sixty (60) consecutive month final average salary to a thirty-six (36) month consecutive month final average.
In order to make any changes to the final average salary calculation, LAGERS requires a process be followed which entails the following:
1. The valuations must be made available for public information for at least 45 calendar days before the City Council can adopt the change. LAGERS indicates most employers utilize official meeting minutes to satisfy this requirement.
2. After the 45-day public information period, the City Council may adopt an ordinance or resolution to adopt the change in benefits calculation. The effective date of the change will be the first of some future month chosen by the City Council.
3. A signed certified copy of the ordinance or resolution must be received at the LAGERS office before the effective date and within ten (10) days of the election to adopt the change.
The request is to do the first reading of the ordinance at the Finance and Budget Committee meeting, then the second reading and adoption following the 45 day posting of the cost report for public review.
Key Issues:
- During 2023 City Staff initiated an Attraction, Satisfac...
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