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CITY OF ST. ANTHONY <br /> RESOLUTION 93-042 <br /> A RESOLUTION APPROVING A ONE YEAR <br /> EARLY RETIREMENT INCENTIVE PLAN <br /> WHEREAS, the 1993 Minnesota Legislature passed an early retirement incentive bill that <br /> permits public employers to offer an improved pension formula to eligible <br /> PERA members; and <br /> WHEREAS, to be eligible for said program, employees must: <br /> • be a contributing member of PERA's Basic_ or Coordinated pension <br /> plans, <br /> ® be currently eligible to draw a PERA pension, <br /> • terminate public employment on or after May 17, 1993, but before <br /> January 31, 1994, <br /> • be age 55 or older with at least 25 years of service in one or more <br /> qualified Minnesota public pension plans, or be age 65 and have at <br /> least one year of service credit in one or more qualified Minnesota <br /> public pension plans; and <br /> WHEREAS, the improved pension formula offers an increase of 1/4 percent (.25%) for <br /> each year of service up to the first 30 years (the maximum formula increase is <br /> 7.5 percent). <br /> NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of St. Anthony <br /> hereby approves the improved pension formula as stated above for eligible City of St. <br /> Anthony employees. <br /> Adopted this day of 1993. <br /> Mayor <br /> ATTEST: <br /> City Clerk <br /> Reviewed for administration: <br /> • City Manager <br />