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Regular City Council Minutes - 4/14/03 Page 2 impact and workforce ramifications, in an effort to reduce the overall City workforce in lieu of pending a 2003 budget deficit and a 2004 budget shortfall. Mr. Miller advised that the proposed plan recommended by staff was offered in conjunction with the legal requirements set aside by the Public Employees Retirement Association (PERA) as defined in a thirty (30) day window of opportuni ty. Under the plan, staff anticipated that five (5) employees would consider such a proposed voluntary retirement plan; and summarized the annual estimated savings that could be realized by the City if those positions were left vacant: at an average cost to the City of $22,400 per employee; and $54,000 estimated annual savings to the City in not filling the positions. Mr. Miller reviewed the advantages the City could realize in achieving operational savings sooner; and the message sent to current and prospective employees that the City was looking at options other than layoffs; while allowing the City some flexibility in whether and when an employee was leaving or staying. Maschka moved, Kysylyczyn seconded, authorizing approval of an Early Retirement Plan for eligible employees as revised and detailed below; directed the City Attorney to draft severance agreements for each participating employee; and directed staff to offer the Plan to employees in a timely manner: Employees eligible for "full" retirement within the next eighteen (18) months as defined by the Public Employees Retirement Association (PERA) and the City's Personnel Policy may elect to take early retirement during the period of April 30, - May 31, 2003; and would agree to retire in a planned exit of thirty (30) to ninety (90) days, or as deemed appropriate by the City Manager. In exchange, the employee would receive: 1) Full payout of their earned vacation, sick and compensatory time at their current