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33 <br />CITY OF ST. ANTHONY <br />RESOLUTION 97 -021 <br />A RESOLUTION SETTING POLICY FOR EARLY RETIREMENT <br />INCENTIVE FOR CITY OF ST. ANTHONY EMPLOYEES <br />WHEREAS, the City of St. Anthony has considered a proposal for an early retirement <br />policy for certain City employees; and <br />WHEREAS, the City intends for any decision for such early retirement to be a <br />voluntary act by the employee to be made in the employee's sole <br />discretion; and <br />WHEREAS, the City wishes to limit the period of time during which employees may <br />elect to take such early retirement; and <br />WHEREAS, the City is willing to provide certain post retirement medical insurance <br />coverage for City employees electing such early retirement. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. <br />Anthony as follows: <br />1. The policy shall apply only to full -time employees of the City who: <br />(a) qualify for Public Employees Retirement Association ( "P.E.R.A. ") <br />annuity payments as qualifying P.E.R.A. Basic or Coordinated <br />Members, and <br />(b) are age 55 or older on the effective date of the retirement, and <br />(c) have completed 25 years of service as a full -time employee of the <br />City on the effective date of the retirement. <br />2. The employee will be required to sign an election to take such early <br />retirement, stating that the decision is the voluntary act of the employee <br />made entirely in the employee's sole discretion. <br />3. The written decision to take the early retirement must be given by the <br />employee to the City on or before November 30, 1997. <br />4. The City's policy for early retirement must continue to be authorized by <br />the State of Minnesota. If such authority is modified or terminated, the <br />City's early retirement policy will be subject to change on the basis of such <br />change in the State policy. <br />