a jury that day And not good evening. Welcome the m and Finance Committee meeting. Let's start with just to my left. Thank you, MR. Chair Kale District. 23, thank you, MR. CHAIRMAN Mike do this trick. 24, thank you, MR. Chair Brian Mowery District. 25 thank you. MISTER Chair Nic Robertson for CHAIRMAN. Any deals in district 14. Thank you, MR. CHAIRMAN Ben Boots District 3. Thank you, MR. CHAIRMAN Maggie, Most District 5 Frank Miscarry district 19 on the southeast side. This is we have only one proposal is this time time sensitive. That's where we have and just move on closer to a allow certain employees to participate in public employees. Retirement fund. Have you have floor? Good evening, MR. CHAIRMAN and members of the committee, Abby
Hanson. The controller with it Lsr hr director. We are appreciative of you holding a meeting for this because it is a little bit time sensitive. So we want to start saying thank you. Our presentation is relatively brief, but we are going to start with terminology in history just because this is complicated and can be kind of confusing. So we thought we'd educate you. So you understood what it is, what we're asking to change. Sold for starting with a few of the definitions. But Perth hybrid is a defined benefit plan to provide enough food that are determined by a formula based on the employee's compensation and the number of years of service employee hit before retirement. Her Tiger has both
the pension and a defined contribution account formally known as new of the account savings accounts undo the savings account and employees tested at the years of service. My choice is a defined contribution plan, which is the new the savings account only end up really. They're vested after 5 years of service. So kind of 2017 Holland, fully for members of the Perth hybrid plan, which includes the pension and annuity savings account. The 2020 17 to 2021, the majority employees and members of the my choice plan only beginning in 2022. To present employees have a choice to be members of the pro hybrid for my Until the passing of info at 14. So Anderson enrolled at 14 employers that offer both the hybrid and my provide eligible
employees who did not have an opportunity to the hybrid plan. And who are affected my choice. With a one-time opportunity to to the hybrid. So this impacts 564 employees who are hired in that period of time when they did not have an option. We have no idea if everyone's going to choose to move, but they could. Cost their cost does exist says the employer because it will raise our contribution from 11.2%, 2, 14, 2.2% of their salaries. Given that they are the only set of people who did not have the opportunity to make a decision. We feel like it's the right thing to do to offer this opportunity. It has been something that we have heard over time. That has been a detriment to people wanting to stay with the city of Indianapolis because this is a benefit. They weren't given the opportunity to have. So with that, take any questions
that you might have. Thank you for visitation in questions. Councilors. Accounts of Thank you, MR. CHAIRMAN and thank you for the presentation. So this is a selfish question. Elected took office JANUARY of 70 JANUARY 1, 2000. With in our first term. Would those that are in our second term now? We part of that 564 employees. I believe so. I honestly I don't know if your benefits are different than our benefits, but they work for elected officials that we can definitely look into that a little more get back to law. Okay. Yes, I have a list of employees we could find out be played. Any other questions for this is gonna be too simple. Anyone from the audience like speak on this. Seeing end motion. So And second, all those favor say
Aye. Every you thing. We are doing the business. We are