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attached 1997 Schedule II indicates, if the City contributes $35,000 in 1996 <br />there is no City contribution required in 1997. However, if the City does not <br />contribute $35,000 in 1996 there is a required minimum contribution of <br />$735.00 in 1997. Unfortunately, I did not receive a copy of that Schedule II <br />to attach. <br /> <br />If the increase and contribution are approved at this time, I believe there is <br />little chance that the Relief Association will approve a change to a defined <br />contribution plan. Further, due to the timing of the increase approval, there <br />is not adequate time to have an actuarial study completed which would <br />provide information on future required City contributions and funding levels. <br />If the Council wants to get a total compensation package approved which <br />includes a change to a defined contribution plan, the requests should <br />probably be denied. If this is not the Council's intent and the increase is <br />approved, the City will be required to contribute a minimum of $735.00 in <br />1997 unless the 1995 and]or 1996 contributions are released in which case <br />no contribution will be required. <br /> <br />Action Requested <br /> <br />The Council is asked to consider the Relief Association's request for an <br />increase in benefit level to $2,500 per year of service for 1997 and the request <br />for release of the 1995 and 1996 contributions. <br /> <br /> <br />