HomeMy WebLinkAboutDocumentation_Regular_Tab 10J_5/9/1996 Memorandum
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To : Village Council
From: Thomas G. Bradford, Village Manager--2
Date: May 2 , 1996
Subject: Early Retirement Incentive Program (ERIP) ; Agenda Item
As of this writing, I have not yet received the proposed ERIP
from Mr. Palmquist, our consultant with Gabriel, Roeder, Smith &
Company of Ft. Lauderdale. I do -anticipate receiving the same
prior to shipping the agenda to you on Friday, May 3, however, I
do not believe I will have sufficient time to digest the material
and indicate my recommendations to you in this regard.
Therefore, I will either provide you with additional information
relative to this agenda item prior to your meeting at some time
during the week of May 6 or, alternatively, I will request
Village Council deletion of this item under Approval of Agenda
and seek to have a Special Village Council Meeting on this
subject prior to June 1 .
The option of a Special Meeting will be necessitated in order to
provide interested employees sufficient time prior to June 30,
1996, to take the Village ERIP. Separation pay received by
employees on or before June 30 counts toward their annual
earnings calculations relative to retirement benefits . Hence, we
need to provide employees with sufficient time to ask questions
and make the important decisions in this regard.
Should you have any questions in regard to this matter, please
feel free to contact me.
TGB/krb