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83 <br /> <br />looked at the cost of these changes, and employee meetings were held to discuss the <br />proposals. Mr. Beck said there is support among employees for the changes, and he feels <br />the changes will help with recruiting and retention. <br /> <br /> Ms. Daugherty said that the Retirement Commission looked extensively at the <br />proposed changes, and there were a lot of opportunities for employee input. Ms. <br />Daugherty said the changes will help public safety employees. <br /> <br /> Responding to a question from Mr. Cox, Mr. Beck said there wilt be no fiscal <br />impact in the coming year, though there may be some in future years. <br /> <br /> Ms. Richards noted that there is a substantial retirement fund and the benefits <br />appear to be more than covered by this fun& <br /> <br /> Mr. O'ConneI1 explained that the retirement fund is there for all ftWare retirement <br />payouts. <br /> <br /> Ms. Scott said that an actuarial study is done every two years to project out what <br />is needed to pay for the plan, and noted that people are living longer and, as a result, <br />receiving retirement payments longer. <br /> <br /> Mr. OY2onnell said that the retirement plan had a great investment year which <br />could reduce the City's contribution. <br /> <br /> Responding to a question from Mr. Caravati, Ms. Scott said that the R~tirement <br />Commission hired an outside advisor to look at the allocation of funds, and as a result, <br />the Comwdssion now has six money managers for the fund. <br /> <br /> Mr. Toscano said he feels there are good reasons to approved the proposed <br />changes, including the spousal benefit and the help it will provide for recruitment and <br />retention. Mr. Toscano asked if the Retirement Commission has other unresolved issues. <br /> <br /> Mr. Beck said the Retirement Commission continues to con_sider offering the <br />option of a defined contribution plan. <br /> <br />Mr. Toscano said he feels that option will be attractive among younger workers. <br /> <br /> Ms. P, Schards asked a't~ut the furore of the health plan for retirees, and Mr. Beck <br />said that retirees now have essentially the same plan as employees, and he feels it is a <br />very good plan. <br /> <br /> Mr. Gouldman said a change needs to be made in the ordinance, changing <br />"member" on page 6 to "employee." <br /> <br /> On motion by Mr. Toseano, seconded by Mr. Caravati, the ordinance entitled <br />"AN ORDINANCE AIvlENDING AND REORDAINING SECTIONS 19-95, I9-96, 19- <br />101, 19-105, AND 19-1¢)6 OF ARTICLE IV OF CHA~TER 19 OF THE <br />CHARLOTTESVILLE CITY CODE, 1990, AS AMENDED, RELATING TO <br />CHANGES IN THE RETIREMENT PLAN," with the change recommended by Mr. <br />Gouldman, was offered and carried over to the next meeting for consideration. <br /> <br /> Mr. O'C°nnell thanked Mr. Pete Wingfield in fhe Department of Human <br />Resources and the members ofthe Retirement Commission for their work on the changes. <br /> <br />~$OLUTION.: APPROVING AUDIT CONTRACT <br /> <br /> Mss. ~ott explaimed that tie City is required to have an annual audR, and after <br />going out to bid, five proposals were submitted. Staff met with four of the bidders and <br />the fa'm of KPMG was selected. Ms. Scott noted that the contract includes an audit of <br />the schools, library and the Charlottesville Industrial Development Authority, and funds <br />for the audit has been budgeted. <br /> <br /> <br />