pages: PensionBoard/2016-01-25.pdf, 3
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PensionBoard | 2016-01-25 | 3 | City of Alameda Minutes of the Regular Meeting of the Pension Board - Monday, January 25, 2016 Page 3 confirmed that Executive Assistant, Michelle Koka from the City Manager's office sent out an email to all staff. Human Resources Director, Nancy Bronstein asked if the 1079 plan was the earlier plan, in which member Soderlund confirmed the 1082 plan replaced the 1079 plan. Member Edwards also noted the 1079 stopped in 1953. Human Resources Director, Nancy Bronstein understood that those in 1079 retired before the option of switching to PERS and those in 1082 are those who opted not to switch over. Both members, Edwards and Soderlund, confirmed that this information was correct. Member Soderlund explained that initially no money was put into the 1079 plan, then eventually 2% was put in, and then by 1953 4% was put in. Member Soderlund further explained this plan was financially cumbersome for the City and was eventually removed because members in 1079 retired at half pay, but received the same salary for the position they were in full time and their spouses also received the same amount. 7. ADJOURNMENT: There being no additional items to come before the board, the meeting was adjourned at 4:45 p.m. Respectfully submitted, nar 12 Nancy Bronstein Human Resources Director | PensionBoard/2016-01-25.pdf |