Update on Retirement Advisory Committee March 17, 2011.

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Presentation transcript:

Update on Retirement Advisory Committee March 17, 2011

Retirement Plan Options Current Defined Benefit Plan (DB) Defined Contribution Plan (DC) Combination Plan – DB: 1.1% * 5-years of Highest Salary * Number of years of service – DC: 2% from UM + 1% Employee Contribution + 100% match up to 3% of pay

Vote Choices We had to select from the following choices: Option 1: DB Option 2: DB, but if board wants to mitigate risk, I support the combo Option 3: I recommend a change to Combo Option 4: I recommend change to DC

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