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As detailed in the February 16, 2010 public notice statement, it is estimated that the additional <br />annual PERS cost, if all eligible employees accept the early retirement option, would be <br />approximately $13 S, l O 1 and the annual budget savings would be $4,105, 032. The resulting <br />estimated net annual savings would be $3,970,022. Two years after the resolution's adoption, the <br />miscellaneous employee CaIPERS rate will increase an estimated .76%, under Ca1PERS <br />formulas, if all eligible employees accept the option. As previously covered, approval of the <br />early retirement option could result in some budget savings. The major reason for offering the <br />option, however, is to reduce the likelihood of layoffs by giving eligible employees an incentive <br />to retire earlier than they may have planned. An additional classification, Planning Manager, <br />was added to the list subsequent to the public notice and would slightly affect the estimates listed <br />above. <br />Current City Council Policy <br />Not Applicable <br />Previous Citv Council Action(s) <br />Not Applicable <br />City Council Committee Review and Action <br />Not Applicable <br />Apulicable General Plan Policy <br />Not Applicable <br />Permits and/or Variances Granted <br />Not Applicable <br />Environmental Review <br />Not Applicable <br />Code Compliance Review <br />Not Applicable <br />Board/Commission Findings <br />Not Applicable <br />Summary of Public Outreach Efforts <br />Not Applicable <br />Fiscal Impact <br />Savings will result from action being taken. <br />Budtet Authority <br />Not Applicable <br />Attachments <br />Not Applicable <br />