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CITY OF LINO LAKES <br />VOLUNTARY EARLY <br />RETIREMENT PROGRAM <br />The City of Lino Lakes needs to reduce its operating costs as a result of the City losing around <br />$240,000 of state aid and other revenue reduction in 2009. One approach being implemented <br />by the City to minimize employee layoffs is to offer a voluntary Early Retirement Incentive <br />Program to eligible employees for a limited time only. Anyone interested in this program must <br />submit an application by 18 September, 2009, to Dan Tesch, Director of Administ, ation. An <br />application form is enclosed in this packet. <br />Eligibility Requirements <br />> You are a full -time employee with 10 or more years of service with the City of Lino <br />Lakes. <br />> You are eligible for a reduced or full pension through PERA immediately upon <br />retiring. <br />> Your application is subject to the approval of the Director of Administration. <br />Early Retirement Incentives <br />> Twelve (12) weeks of additional severance pay at your current hourly rate. <br />> Ten thousand ($10,000.00) dollars will be deposited into a Post Retirement Health <br />Care Savings Account, which will be opened for employees who are not currently <br />enrolled with the Minnesota State Retirement System (MSRS). <br />> These incentives are being offered in addition to the regular benefits granted to a <br />retiring employee per City policy or union contract <br />Other Considerations <br />> Participation in this program is strictly voluntary. <br />> To accept this offer, you must sign the release agreement, which waives your right to <br />pursue any legal claim against the City of Lino Lakes and its employees. <br />> The program application form must be completed and submitted to the Director of <br />Administration by 18 September, 2009. The last working day must be no later than <br />16 October, 2009. <br />> The City reserves the right to decline any employee's request for the early retirement <br />incentive based on the number of requests received, an employee's critical skills, or <br />business need. <br />My questions regarding this program can be directed to Dan Tesch at 651- 982 -2404. <br />• <br />• <br />• <br />