HomeMy WebLinkAbout1986-04-28 86-185 ORDER86-185
Introduced by Councilor Tilley, April 28, 1986
CITY OF BANGOR
)
(TITLE.)- (Orberr, ................ conveniy Council l'esearrcn s. teaview G cue -_study ....
of City Pension Program
BY Bun G ty Consent of W My ofBmapor:
ORDERED,
qq 'n accordance wiN Cbapter 1, Article 9, ordinances of the City of
sargor Ta�Council Research 6 Review Group is hereby convened for the purpose
of performing a review of the City's entcloyee pension program. The study
shall include, but not ba limited to an analysis aM comparison of the costs
and alternativebenefits available under the Moire state Retirement Sysian,
the Federal Social Security System, and any other private or public plans that
Use croup may choose to review
and be it further,
o ICED, THAT the Croup shall sulmit a written report of its findings and
rewwerdations to the City Council no later than Septetber 22, 1986.
Statement of Fact: The Wrpose of this order is to provide a template review
of the City's pension pralcem, by a specially appointed Council Fsaearch a
Poview Group. M1he present cost Of the Maine state Retirainent plan to the City
of Bangor, as included in tl'e present 1986-87 Budget is 16.298 of total
payroll vs, current rates of 7.158 for Social security up to a maxims of
$39,600. This represents a cost to the City, for retir'sent purposes, in
excess of the Social security plan, of approximately $766,000 annually.
In City Council April 28,1986
passed by the £ollowin
yes b No vote
voting yes Treakel, Sullivan,
Tilley,Wbeeler,Willey
voting x0 Brosm, Cox,
Absent IebovitxdM Canthy
City G'erk
86-185
0ROER
Title,
Convening Council Reeearah a Review Group
....... .......................... I....
Stray of City pension progra
Ch
............. ... .......... 4........... rt
Introduced and filed by -
^ �F C
... 1.. .0 ... ...... ...._L.
1I08n Ln