05-14-29 Council Minutes - Laserfiche WebLink

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REGULAR MEETING May 14, 2018 ELECTING TO PARTICIPATE IN THE PUBLIC EMPLOYEES' RETIREMENT FUND'S MYCHOICE: RETIREMENT SAVINGS PLAN AS ADMINISTERED BY THE INDIANA PUBLIC RETIREMENT SYSTEM Councilmember Karen White, Chair of the Personnel and Finance Committee, reported that they met this afternoon and send this bill forward with a favorable recommendation. Kyra Clark,Director of Human Resources for the City of South Bend with offices on the 12th floor of the County-City Building, South Bend, IN, served as the presenter for this bill. Ms. Clark stated, Before you is a resolution to approve an additional option for an employee benefit plan. Under the current program, all employees are required to participate in the PERF Hybrid Plan. Under this plan the employee becomes vested after ten (10) years. We are finding that when we talk to employees they don't see that as much of a benefit because of the long vesting schedule. So we have talked with PERF and they have a relatively new program that is called My Choice. It allows for a shorter vesting period and it looks like the vesting schedule of the typical 401k of a private organization at twenty percent (20%) per year with one hundred percent (100%) vestment after five (5) years. This is only something available to employees hired on or after July 1St, 2018. Once employees are hired after that date,they have sixty(60) days to decide whether they would like to participate in the traditional hybrid plan or the My Choice plan. If they do not choose, they will default into the My Choice plan. Councilmember Tim Scott stated, I like this idea. I think it will help with recruitment and I also like the versatility of it, so, thank you. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. None from the public wished to speak in favor of or opposition to this bill. Councilmember Gavin Ferlic made a motion to adopt Bill No. 18-22. Councilmember Oliver Davis seconded this motion which carried by a roll call vote of nine (9) ayes. BILLS FIRST READING BILL NO. 22-18 FIRST READING ON AN ORDINANCE TO VACATE THE FOLLOWING DESCRIBED PROPERTY: FIRST NS ALLEY 14' IN WIDTH LYING W OF FELLOWS AND CARROLL STREETS, E OF MICHIGAN STREET, BOUNDED ON THE NORTH BY THE S RIGHT- OF-WAY OF BRONSON STREET, BOUNDED ON THE SOUTH BY THE N RIGHT-OF-WAY OF THE PENN CENTRAL RAILROAD, RUNNING APPROXIMATELY 248.78' IN LENGTH. Councilmember John Voorde made a motion to send Bill No. 22-18 to the Public Works and Property Vacation Committee and set it for Second Reading and Public Hearing on May 29th,2018. Councilmember Karen White seconded the motion which carried by a voice vote of nine (9) ayes. UNFINISHED BUSINESS There was no unfinished business at this time. NEW BUSINESS 11