The Employee Relations Committee (ERC) has a new pension plan that will significantly impact the employees.
The plan is this: Current employees retain the benefits but the employee/employer contributions ratio will change drastically.
Employees hired before September 2005 (Old pension, 2.75 X) contribution ratio will reverse from the 33 percent paid by the employees, 66 percent paid by the county to 66 percent paid by the employees, 33 percent county.
For employees hired after September 2005 to present (new pension plan, 2.25 X) the ratio of contributions will change to 60 percent contributed by the employee and 40 percent by the county.
The latest proposed pension plan for new employees is a defined contribution with county matching 100 percent of employee contributions to deferred comp up to 4 percent of the salary, and increasing to 200 percent from 4-8 percent with county capping its contributions at 6 percent of salary.
New POST certified cops and certified fire-fighters/EMT would be allowed to participate in a complicated "hybrid" defined-benefit/defined-contribution plan consisting of a defined benefit with a 1.25 X multiplier and the county matching 100 percent of employee deferred compensation contributions to 4 percent of salary.
That is the recommendation from the Employee Relations committee.
ERC Pension Proposal 05132001