I retired with 35 years of service, 32 with the Police Department and my final 3 with the Human Resources Department. Throughout my career I was promised partially City funded Term Life Insurance that would continue into retirement. On July 1, 2009, a very dark period of time economically, eligibility for life insurance benefits changed for new hires. Employees hired on or after July 1, 2009 are no longer eligible for the life insurance benefit into retirement. This change lead me to believe that employees hired prior to July 1, 2009 were grandfathered. As recommend by the City, 5 years prior to retiring I met with financial planners to discuss my financial stability into retirement. My estimated monthly retirement benefit and life insurance paid upon my death were relevant to the discussions and decisions made.Upon my retirement the Human Resources Department presented me (as all retirees) with a document that states my benefit, changes to my benefit between the ages of 65 and 70, the premium that is City funded and the premium I am responsible for. I recall the contract for life insurance was awarded March 1, 2012 and continues through February 2015. It has been stated that retiree coverage will not change, only who is responsible for paying the premiums changes. Is this in writing from the current vendor? If there is no change to retiree coverage, will the City continue to negotiate comparable retiree premiums with future RFP's? During the hardest economic times retiree life benefits remained City funded. This is a benefit earned by all employees hired prior to July 1, 2009. Please reconsider this action and keep the promise made to me and others while working for the City.
Susan Story (443) | User | March 10, 2014 - 5:08 AM | FY 2015 Budget Comments
FY 2015 Budget Comments
Susan Story (443) | User | March 10, 2014 - 5:08 AM
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