SUBJECT
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An Ordinance of the City of Laredo, Texas, to establish a Retiree Incentive Program Policy for eligible employees of the City of Laredo to enhance workforce management and provide financial stability in the event of critical situations; with the exception of employees subject to any Collective Bargaining Agreement; providing for a repealing clause, severability clause, and an effective date.
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PREVIOUS COUNCIL ACTION
During the City Council meeting of August 19, 2024, City Council motioned, to proceed as presented.
BACKGROUND
During City Council meeting of December 4, 2023, council motioned staff to bring back a Retiree Incentive Program with three options for the program, bring back the options within three months, consider a 25%, 35%, and 50% base salary cost, two split payment, and analyze potential savings.
Staff presented findings and suggestions during the April 8, 2024 City Council Workshop.
June 17, 2024, staff presented findings of the Retiree Incentive Program.
August 8, 2024, Budget Workshop, City Council motioned to enact a Voluntary Retiree Incentive Program for eligible employees with 20 or more years of consecutive employment that are TMRS eligible for a period of October 1, 2024 through January 31, 2025.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends Council approve this item.
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Fiscal Impact
Fiscal Year: N/A
Budgeted Y/N?: N/A
Source of Funds: N/A
Account #: N/A
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
N/A