| | | | | | | | | TO: | Finance and Economic Resiliency Committee Members
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| FROM:
| Alina T. Hudak, City Manager |
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| | DATE: | July 30, 2021
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| | SUBJECT: | DISCUSS VESTED EMPLOYEES IN TIER B THAT HAVE BEEN REHIRED IN TIER C |
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| | | | | | | | ANALYSIS:
| | The Miami Beach Employees Retirement System (MBERS) authorized a study by their actuarial firm, GRS Consulting to estimate the first year impact of applying Tier B benefit provisions for (6) six members of the MBERS Plan who terminated after reaching full vesting and were subsequently rehired under the terms of Tier C provisions for service accrued after re-employment. Their analysis is an attachment. The Pension Administrator has advised that the process of managing the bifurcated pension matters for these (6) six employees is labor and programming intensive. |
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| | | | | | | | CONCLUSION:
| | This is a one-time policy decision which would be limited to only (6) six employees and would have a nominal first year cost impact of less than $60,000. If the item is not approved, the (6) individuals would continue to have a bifurcated benefit which is more complex for Miami Beach Employee Retirement System (MBERS) staff to manage. |
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| | | | | | | | Applicable Area
| | Not Applicable |
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| | | | | | | | | Is this a "Residents Right to Know" item, pursuant to City Code Section 2-14? | | Does this item utilize G.O. Bond Funds? | | | No | | No | |
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