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city of <br />El �. <br />1-.Uve <br />To <br />City Council <br />Meeting Date <br />August 5, 2024 <br />Item Description <br />Severance Pay Policy <br />Request for Action <br />Item Number <br />4.7 <br />Prepared By <br />Lauren Wipper, Human Resources Manager <br />Reviewed by <br />Cal Portner <br />Tina Allard <br />Action Requested <br />Approve, by motion, the updated Severance Pay Policy retroactive to August 7, 2023. <br />Background/Discussion <br />On August 7, 2023, the City Council approved a number of policies from the city's Personnel Policy Manual. <br />One of these was an update to our Severance Pay policy. We reduced the payout on the shorter years of <br />service and increased the payout on the longer years of service with anything paying out over 50% of the <br />maximum requiring PERA Retirement. <br />In reviewing this policy as resignations have occurred, it has become apparent that the PERA retirement <br />language was added in error. This update removes the retirement requirement and requires only eligibility to <br />retire under PERA. <br />Financial Impact <br />Financial impact for this change will be accounted for in the budget process. <br />Mission/Policy/Goal <br />The Elk River Mission. <br />Attachments <br />I . Severance Pay Policy Update <br />The Elk River Vision <br />A welcoming 6ommuni�, with revolutionary and spirited mourcyidnm, exceptional service, and community P� d W E R E D 0d <br />engagement that encourager and inspirerpro perityINPaU 159 <br />