RETIREMENT-EMPLOYEE BENEFITS
Motion/Request:
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Motion to APPROVE a change to the monthly modified cash refund retirement pension benefit for Kenneth Creutz to the amount of $4,668.95 from $4,886.00 as of May 1, 2025.
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Background:
On September 18, 2023, the Board approved a retirement benefit for Kenneth Creutz in the amount of $4,886.00 in the form of a modified cash refund annuity effective September 1, 2023. USI was asked to provide a revised benefit calculation on March 13, 2025, to incorporate the plan year compensation amounts for plan years ending (PYE) 2021, 2022 and 2023. The recalculation is based upon a 2.0% multiplier and the participant’s three-year average salary.
Human Resources Comment/Recommendation:
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Finance Director Comment/Recommendation:
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Mayor Comment/Recommendation:
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