CITY of RAPID CITY Agenda Item Summary
Meeting Date: L&F 2/26/14 and City Council 3/3/2014		Commission, Board or Committee: Click here to enter date.
Staff Contact: Jeff Barbier, Community Resources Director		PW Committee or L&F Committee: L&F 2/26/2014
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Agenda Title:
Resolution No. 2014-025 Resolution to Adopt Automatic Enrollment IN THE SOUTH DAKOTA RETIREMENT SYSTEM (SDRS) Supplemental Retirement Plan for Benefited Employees Hired on or after April 1, 2014.
Summary:
As another means help employees prepare for their retirement, the City of Rapid City will be adopting Automatic Enrollment Provisions for the SDRS Supplemental Retirement Plan. New hires (benefited) will be automatically enrolled in the SDRS Supplemental Retirement Plan for the minimum amount ($25.00 per month).  If an employee who is automatically enrolled does not want to participate, they will be able to opt out within the first 90 days of their first contribution.
Funding Source & Fiscal Impact (if applicable):
N/A
Recommendation:
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Options:
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Attachments & Links:
Resolution No. 2014-025 Resolution to Adopt Automatic Enrollment IN THE SOUTH DAKOTA RETIREMENT SYSTEM Supplemental Retirement Plan for Benefited Employees Hired on or after April 1, 2014.
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