2011-078 Council Resolution - Laserfiche WebLink

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• • CITY OF LINO LAKES VOLUNTARY EARLY RETIREMENT PROGRAM The City of Lino Lakes needs to reduce its operating cost as a result of the City losing around $1.2 million of state aid in 2009. One approach being implemented by the City to minimize employee layoffs is to offer a voluntary Early Retirement Incentive Program to eligible employees for a limited time only. Anyone interested in this program must submit an application by 18 September, 2009, to Dan Tesch, Director of Administration. An application form is enclosed in this packet. Eligibility Requirements ➢ You are a full -time employee with 10 or more years of service with the City of Lino Lakes. ➢ You are eligible for a reduced or full pension through PERA immediately upon retiring. ➢ Your application is subject to the approval of the Director of Administration. Early Retirement Incentives ➢ Twelve (12) weeks of additional severance pay at your current hourly rate. ➢ Ten thousand ($10,000.00) dollars will be deposited into a Post Retirement Health Care Savings Account, which will be opened for employees who are not currently enrolled with the Minnesota State Retirement System (MSRS). ➢ These incentives are being offered in addition to the regular benefits granted to a retiring employee per City policy or union contract. Other Considerations ➢ Participation in this program is strictly voluntary. ➢ To accept this offer, you must sign the release agreement, which waives your right to pursue any legal claim against the City of Lino Lakes and its employees. ➢ The program application form must be completed and submitted to the Director of Administration by 18 September, 2009. The last working day must be no later than 16 October, 2009. ➢ The City reserves the right to decline any employee's request for the early retirement incentive based on the number of requests received, an employee's critical skills, or business need. Any questions regarding this program can be directed to Dan Tesch at 651- 982 -2404.