User:2qrsaxon3jp
2qrsaxon3jp (Talk | contribs) |
2qrsaxon3jp (Talk | contribs) |
||
| Line 75: | Line 75: | ||
<li>Cl< li> | <li>Cl< li> | ||
| + | |||
| + | <li>< li> | ||
| + | |||
| + | < ul> | ||
| + | |||
| + | Lempke and library business manager Greg Pritz have previously stated the investigation into the library's retirement offerings was undertaken because the library was having difficulty hiring and retaining qualified staff members due to its retirement offerings.<br><br>"Not being a library that offers IMRF means when we do hire another person from another library,air jordans for cheap, we know they'll be back out the door in three or four years," Lempke said. She said the library has repeatedly lost staff members who,cheap retro jordans, despite their desire to stay on, felt they needed to have a pension plan for their family's sake.<br> | ||
| + | |||
| + | |||
| + | |||
| + | |||
| + | <br>The board's decision to join IMRF comes after staff at the library were surveyed about which retirement option they liked best. The library presented employees with two alternatives to IMRF, including a hybrid plan and a 401(a) plan.<br><br>When asked which plan presented benefits staff personally, 32 employees chose IMRF, 23 picked the hybrid plan and just two selected the 401(a) option, Lempke said. Employees were also asked which plan they thought most benefited the library, she said, and 34 voted for IMRF, 22 chose the hybrid plan and five selected the 401(a) plan. She said staff also provided written comments that laid out "in real human terms what a pension plan would mean to them."<br><br>The library commissioned an actuarial study to determine how much it will cost the district to join the pension fund. The study concluded that the library would be required to contribute 8.12 percent of employees' salaries for the first two years of enrollment in IMRF. The annual cost for the first two years will total $221,000. The amount the library will be required to contribute in its third year in the pension system will likely increase, Pritz previously told Pioneer Press. He said factors including the number of employees retiring from the library and returns on the pension fund's investments will impact the library's contribution to IMRF. The contribution from the district is recalculated on a yearly basis while employees are required to pitch in a flat 4.5 percent of their earnings to the fund. Staff will also be given an opportunity to buy back prior year's work,cheap jordan shoes, which could cost the library district between $850,000 and $3.6 million. Pritz said prior service contributions will be paid by the library over a 30-year term.<br><br>Currently, staff at the library receive 7.5 percent of their annual salary through a defined contribution plan and are not required to contribute anything to the plan. They may take a portion or all of the amount retirement money offered by the library home as additional salary. Board members told the library's administrators they wanted to phase out the practice of allowing employees to take retirement contributions home as salary.<br> | ||
| + | |||
| + | <br>Lempke said the district will not be able to enroll all of its eligible employees into the pension fund in time for the next fiscal year to begin on July 1,cheap jordans. She said staff will be entered into IMRF by August 1 after the pension fund's board votes to approve the library district's entrance into the system next month.<br><br>Pritz has previously said that the switch to IMRF may cost taxpayers more money. Lempke, however, said the benefits of IMRF outweigh any additional costs.<br><br>She said the library has emerged in the last decade as a major asset to the village of Niles and the entire library district. She said the library offers programs and classes and has helped bridge a digital divide for people who may not have the money to purchase expensive electronics but are still able to receive free training on the devices from qualified library staff. To accomplish its goals within the community,cheap real jordans, the library needs "to have well trained, very smart people who like working with the public and are willing to work with the public,retro new jordans," she said.<br><br>Lempke said offering the pension plan to its employees will make it easier for the library to hire and retain those individuals.<br><br>Lee V. Gaines is a freelance reporter for Pioneer Press.<ul> | ||
| + | |||
| + | <li>McD< li> | ||
| + | |||
| + | <li>< li> | ||
<li>< li> | <li>< li> | ||
< ul> | < ul> | ||
Your Privacy Choices