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The El Dorado City Commission gave its continued support of the KP&F retirement program for the police and fire department employees.
The city began setting aside money to enter this program last year when they added one mill to the budget. This year another mill was worked into the budget without raising it due to cuts in other areas.
With this second mill, it leaves half a mill for next year to completely fund the program.
In addition to the improved retirement program for police and fire, it also offers an additional retirement plan for other city employees, giving them a one percent increase in their retirement the first year, then a matching contribution in subsequent years.
If funded, on Jan. 1, 2010, everyone would be signed up for the plan.
It is hoped this new plan will help retain fire fighters and police officers in their respective departments, which is an issue currently.
“This is the final piece of the puzzle I think to be completely competitive,” said Fire Chief Ken Nakaten.
The El Dorado City Commission gave its continued support of the KP&F retirement program for the police and fire department employees.
The city began setting aside money to enter this program last year when they added one mill to the budget. This year another mill was worked into the budget without raising it due to cuts in other areas.
With this second mill, it leaves half a mill for next year to completely fund the program.
In addition to the improved retirement program for police and fire, it also offers an additional retirement plan for other city employees, giving them a one percent increase in their retirement the first year, then a matching contribution in subsequent years.
If funded, on Jan. 1, 2010, everyone would be signed up for the plan.
It is hoped this new plan will help retain fire fighters and police officers in their respective departments, which is an issue currently.
“This is the final piece of the puzzle I think to be completely competitive,” said Fire Chief Ken Nakaten.
