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February 02 2013

Vernon Offers Early Retirement Buyout Plan to Employees
Some city employees in Vernon will be retiring early this year, opting to take advantage of an early retirement program approved by city officials.

The city council approved approximately $1.1 million per year for the next five years to fund the Public Agency Retirement System (PARS) Supplementary Retirement Plan, an early retirement incentive program, in hopes of reducing the city’s budget deficit for the 2013-2014 fiscal year.

Through the supplemental program, employees will receive 8 percent of their final base pay in addition to their retirement benefits and a retirement medical plan that was enhanced to include dependants and a stipend.

With 35 employees voluntarily retiring to take advantage of the incentive, the plan is expected to give the city a net savings of $1.9 million this year and $8.1 million over the next five years, according to Teresa McAllister, Vernon’s director of human resources.
read more: http://egpnews.com/2013/01/vernon-offers-early-retirement-buyout-plan-to-employees/

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