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Peru considers early retirement program

Posted by wlpo on January 14, 2010

Early retirement could be a way for the City of Peru to save money over the long term.  It’s an option the council plans to take action on in a move to save $1.4 million in eight years.

Finance committee chairman Joe Mikyska says they have three employees who have said they would retire early if the option were offered.  Another six or seven are on the fence.

Mikyska says when comparing the total cost of an employee, including salary and IMRF, they would save  $1.4 million  in eight years if they allowed the three employees to retire early and don’t replace them.
The finance committee is recommending the council create an early retirement program.  He says the guidelines for one would pretty much be controlled by IMRF.  Once it is offered employees would have a year to decide if they would like to take part.

The recommendation will be on Monday night’s formal meeting agenda.

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