Coversheet


City of Marquette, MI 300 West Baraga Avenue Marquette, MI 49855


Agenda Date: 10/15/2019 Consent Agenda- Roll Call Vote Amendments for the Library's MERS Defined Benefit Plans

BACKGROUND:

The Peter White Public Library recently settled a new labor contract with its bargaining unit employees which involved changes to their MERS pension plan for Division 12 (union). The new contract, effective October 1, 2019, increases the required employee contribution from 5% to 7%. The contract was approved by the Library Board at its September 25, 2019 meeting. Because the City is the Plan Administrator for the MERS pension plans, approval of changes to the pension plan were made pending City Commission approval.

At the same meeting, the Board of Trustees also approved increasing the the required employee contribution from 4.7% to 6.7% for the non-union administrative division (Division 70) effective October 1, 2019.

FISCAL EFFECT:

The fiscal effect of increasing the employees' contributions to the closed defined benefit plans will be to lower the Library's required employer contribution.

RECOMMENDATION:

Authorize the Director of Administrative Services to sign both amendments increasing the required employee contribution for Division 12 to 7% and to increase the required employee contribution for Division 70 to 6.7% effective October 1, 2019.

ALTERNATIVES:

As determined by the Commission.

ATTACHMENTS:
	Description
	Div. 12 Amendment
	Div. 70 Amendment