CC RES 98-042 RESOLUTION SETTING POLICY FOR EARLY RETIREMENT INCENTIVE FOR CITY OF ST. ANTHONY EMPLOYEES

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ti • CITY OF ST. ANTHONY RESOLUTION 98-042 A RESOLUTION SETTING POLICY FOR EARLY RETIREMENT INCENTIVE FOR CITY OF ST. ANTHONY EMPLOYEES WHEREAS, the City of St. Anthony has considered a proposal for an early retirement policy for certain City employees; and WHEREAS, the City intends for any decision for such early retirement to be a voluntary act by the employee to be made in the employee's sole discretion; and WHEREAS, the City wishes to limit the period of time during which employees may elect to take such early retirement; and WHEREAS, the City is willing to provide certain post retirement medical insurance coverage for City employees electing such early retirement. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Anthony as follows: 1. The policy shall apply only to full-time employees of the City who: (a) qualify for Public Employees Retirement Association ("P.E.R.A.") annuity payments as qualifying P.E.R.A. Basic or Coordinated Members, and (b) are age 55 or older on the effective date of the retirement, and (c) have completed 25 years of service as a full-time employee of the City on the effective date of the retirement. 2. The employee will be required to sign an election to take such early retirement, stating that the decision is the voluntary act of the employee made entirely in the employee's sole discretion. 3. Retirement must occur by October 1, 1998; however, the written decision to take the early retirement must be given by the employee to the City between June 1, 1998 through July 31, 1998. 4. The City's policy for early retirement must continue to be authorized by the • State of Minnesota. If such authority is modified or terminated, the City's