FROM: Amy McInerny, Chief Financial Officer
SUBJECT: Benefits Policy No. 027 (Contributions)
RECOMMENDATION:
title
Recommend that the Board approve updates to Benefits Policy No. 027 (Contributions).
body
BACKGROUND:
General Policy No. 005 involves the review of Board Policies and indicates that the review shall be every three years.
Pursuant to General Policy No. 005, staff conducted a review of Benefits Policy No. 027 (Contributions) in coordination with tax counsel and propose a series of changes throughout the policy to clarify language regarding:
• Unpaid and overpaid service purchase contracts and redeposit contracts
• Interest calculation methodology and applicability
• “Normal” contribution amounts
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Operational Excellence & Efficiency
STAFF CONTACT:
Amy McInerny
ATTACHMENTS:
Exhibit A: Proposed Benefits Policy No. 027 (Contributions) - Redline Version
Exhibit B: Proposed Benefits Policy No. 027 (Contributions) - Clean Version