CC - Item 2L - Early Retirement Incentive Packagei •
ROSEMEAD CITY COUNCIL
STAFF REPORT
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: ANDREW C. LAZZARETTO, CITY MANAG
DATE: OCTOBER 24, 2006
SUBJECT: EARLY RETIREMENT INCENTIVE PACKAGE
SUMMARY
In an effort to better facilitate a reorganization of City operations and responsibilities, discussions
with the Assistant City Manager regarding the possibility of taking an early retirement have been
initiated. Based on City Council direction and conversations that have occurred to date, an
agreement has been reached whereby the Assistant City Manager would retire this year effective
December 3, 2006, contingent on the City purchasing him 1.404 additional years of service credit.
Staff Recommendation
Staff recommends that the City Council authorize the City Manager or his designee to execute an
early retirement incentive agreement and any related documentation to finalize the agreement with
the Assistant City Manager.
ANALYSIS
Staff has been working with representatives from Public Agency Retirement Services (PARS)
regarding a potential separation incentive package, and such a benefit could be purchased by
folding the cost of the additional years of service credit into the City's existing PARS Retirement
Enhancement Plan. Based on the Assistant City Manager's years of service, benefits package, and
retirement date, purchasing the 1.404 additional years of service credit would increase the City's
contribution into PARS by 0.27% per year for a period of 16 years at a total cost of around $95,000.
LEGAL REVIEW
The City Attorney has reviewed and approved this report.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Sub 'tte by:
Oliver Chi
Director of Administrative Services
APPROVED FOR CITY COUNCIL AGENDA'.