Ad Hoc Retirement Benefit Advisory Group Meeting - September 19, 2011
Agenda
Location: Sister Cities 1101
Chair: James Ray or Janine Bosley (co-chairs)
- Review and approval of proposed agenda
- Review and approval of the minutes of the September 8 meeting
- Follow-up and Old Business
i) Email from Virginia Retirement System (VRS) regarding groups of employer pulling out of VRS and City
paying same contributions for employees in each planii) Replacement Ratio: shows retirement benefits and Social Security benefits for employee earning average
salary
iii) Average Salaries of Recent Retirees - Comments by City Management
ii-1 Memo from Acting City Manager Bruce Johnson dated September 19, 2011 to the Ad Hoc Retirement
Advisory Group regarding a trigger mechanismii-2 Current Contribution Rate Structure of Fire and Police Pension Plan which also illustrates cost sharing
and risk sharing in funding retirement benefits - Discussion of work plan for developing report on findings and recommendations in response to mandates from City Council
Report Draft #1A distributed at the September 8 meeting and referred to during this meeting
Comments emailed from Group member Mr. Bailey
Comments emailed from Group member Mr. Rubenstein
- New Business
- Future Meetings schedule
a. Tuesday, September 27, beginning at 6:30 p.m. in Chet and Sabra Avery Room, City Hall second floor
(Note: This meeting was originally scheduled for September 28.)b. Tuesday, October 11, beginning at 6:30 p.m. in Sister Cities 1101
c. October 27, meeting with the Council Pension/Compensation Committee, beginning at 6:30 p.m.
Sister Cities 1101 [date is still being confirmed] - Adjournment