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STAFF REPORT <br /> DATE: March 4, 1997 <br /> TO: Mayor and Councilmembers <br /> FROM: Michael Morrison, City Manager <br /> ITEM: EARLY RETIREMENT POLICY <br /> The attached resolution relates to adoption of an early retirement policy for <br /> City employees who have reached 55 years of age and 25 years of service. <br /> The benefit to the employees is the City pays single health insurance coverage <br /> for the retiring employee for up to 3 years. The benefit for the City is <br /> potential money saved on lower salaries for their replacements. The City <br /> offered a similar program in 1991 and 1992. <br /> i <br />