Fire, Police Retirement/Health Changes OK’d
At its April 16, 2012 meeting, the Ann Arbor city council gave approval to changes to the employee retirement system to accommodate recent changes to the collective bargaining agreement with its police command officers union and firefighters union. The council also gave final approval to changes to the retirement health care benefits to reflect changes to those collectively bargained agreements.
Changes to the retirement system include: (1) increasing the pension contribution of command officer members to 6% from 5%; (2) implementing a pick-up feature as permitted by the Internal Revenue Code for the pension contributions of firefighters and command officers, converting their 6% pre-tax contribution to a 6% post-tax contribution; (3) increasing the vesting and final average compensation requirements for firefighters hired … [Full Story]