The Longboat Key Town Commission has some important decisions to make at a 9:30 a.m. meeting Wednesday at Town Hall.
For starters, commissioners have to decide if they want to allow general employees to have a Deferred Retirement Options Program (DROP) and an early-retirement incentive.
Commissioners will review the cost of those options in two separate formats.
The cost for the DROP program, which allows employees to officially retire but continue to work for the town while the town places their pension checks in an interest-bearing account, was calculated two ways: offering a two-year window for eligible employees or a five-year window.
The five-year window would allow up to eight employees to enter the DROP and will cost the town an additional $58,332 per year. The total cost is nearly $1.75 million over a 30-year amortization, according to figures releases by actuaries last week.
If a two-year DROP window is approved, that allows two employees the opportunity to enter the DROP and would cost $3,484 per year and $104,520 over a 30-year amortization.
The early-retirement option would allow employees to retire at age 50 after 25 years of service and collect a pension.
Thirty-seven of the town’s 43 general employees could qualify for early retirement, and, if they all decide to take early retirement, the cost to the town is $9,818 per year, or $294,540 over a 30-year amortization period.
For more information on Wednesday's meeting, check www.yourobserver.com for updates.
Contact Kurt Schultheis at firstname.lastname@example.org.
Currently 1 Response
- Where is the savings ti the town?
2 Florida's Children First 2014 Sarasota Reception
5:30 pm - 7:30 pm
16 Pillar of Hope Open House
5:00 pm - 9:00 pm
17 Taste of St. Armands
5:30 pm - 8:30 pm
17 Night of Fish, Fun & Fright
6:30 pm - 9:00 pm
Goliath grouper lives up to name
Talk about a real big fish.
Mazel tov to Klauber and Mancini
The West Coast Florida Region of AJC (American Jewish Committee) will honor Michael Klauber and Phil Mancini, of Michael’s On East, with its Civic Achievement Award in November.
Bob Havel celebrates 90 years with family members
Bob Havel recently celebrated his 90th birthday on Longboat Key with 24 members of his family.