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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