Sioux Falls City Council approves pension plan changes, water rate increases
Two big issues were passed by the Sioux Falls City Council making changes to City employee's pension plans and a hike in the water rates.
After an hour of discussion, the council voted to move new City employees to the state retirement system and require them pay their own healthcare costs when they retire. They will receive a stipend from the city of $40 a month for every year of service until they reach the age of 65.
Current employees would stay on the City's pension plan but will have to pay a little more into it starting in 2014.
The state legislature still needs to approve moving new hires to the state system. City employees will also vote on recommendations to their pension changes.
The City also passed a plan to raise water rates for people living in Sioux Falls. Sioux Falls will see a 3 percent hike in 2013 and another 3 percent hike in 2014.
Tuesday Night's Story:
The City of Sioux Falls is looking to get out of the retirement plan business.
Tuesday night, the council decided it wanted to explore the possibility of moving its employees from the city retirement plan to either independent plans or the state's retirement system.
It would lead to city employees paying more of their own money into the city retirement system.
It would move retired employees off the city's health insurance plan and instead pay them a stipend to purchase their own insurance.
While current employees would stay under the city's pension plan, new employees would become part of the state's retirement system.
One of the speakers said 'the warning light is on' and the city can't keep providing the same pension system as its done it he past.
That's why members of the council are having this discussion, taking recommendations from various city employee pension boards as to how they move forward.
"We're obligated to these folks now, under the agreements that we have as of those who have retired. I believe the SD Retirement Plan is good and proven and gets us out of the pension business," Councilor Jim Entenman said.
There's a lot of discussion left as the city moves forward and puts an outline together.
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