pages: CityCouncil/2010-06-15.pdf, 9
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CityCouncil | 2010-06-15 | 9 | would make the City less competitive. Mayor Johnson inquired what would be the average public safety retirement benefit for 2% at 50. Mr. Bartel responded the benefit would depend upon retirement age; stated currently, the average pension benefit is approximately $100,000 and would drop by approximately 10%; the benefit would be substantially less by retiring at 50; generally, fire fighters retire closer to 55; police retire between 53 to 54. Vice Mayor deHaan inquired whether any other municipalities are looking at different retirement plans other than PERS; further inquired what would happen to PERS [if cities withdrew from PERS]. Mr. Bartel responded very few; stated the challenge of pulling out of PERS is that withdrawal is very expensive; PERS has an efficient percentage of the City's assets going toward expenses; PERS administrative expenses are low; going to another plan would be amazingly more expensive; withdrawal costs would depend upon the withdrawal method; withdrawing and taking all asset liability would result in taking the City's market value of assets, not actuarial value of assets; the City would be 65% funded instead of 90%; PERS population is one-third State, one-third non-certificated school employees, and one-third public agencies; schools would not have the ability to pull out of PERS; the State would not pull out; one-third of assets would be pulled if all public agencies pulled out and PERS would still do just fine; the City would have the responsibility to provide the current benefit formula for current employees; withdrawal would be expensive and painful; that he is not aware of an efficient way to withdraw. The Interim City Manager gave a brief presentation. REGULAR AGENDA ITEMS (10-292) Public Hearing to Consider Resolution No. 14453, "Authorizing Collection of Delinquent Integrated Waste Management Accounts by Means of the Property Tax Bills." Adopted. The Public Works Director provided handouts and gave a brief presentation. Mayor Johnson opened the public portion of the hearing. Opponent (Not in favor of resolution): Pom Il Song. There being no further speakers, Mayor Johnson closed the public portion of the hearing. Mayor Johnson stated what has been done in the past has worked. Regular Meeting Alameda City Council June 15, 2010 | CityCouncil/2010-06-15.pdf |