RECOMMENDATION(S):
CONSIDER adopting Resolution No. 2011/14 regarding the modification of employment benefits for the County Librarian. The modifications include removing the County Librarian's eligibility for the Vacation Buy Back benefit and reducing the County Librarian's maximum accruals of personal holiday hours from 40 hours to 24 hours.
FISCAL IMPACT:
While providing sufficient benefits to the employee, this Resolution may result in future reductions to the County’s long term pension liability and thus may enhance the County’s overall fiscal stability and ability to deliver services. The Resolution eliminates the Librarian’s ability to elect payment of up to one-third of annual vacation accruals and reduces maximum personal holiday leave accrual. Both of these changes reduce the amount of annual compensation that can count towards retirement compensable compensation and may therefore have an impact on final pension benefits. After thirty years of employment, upon retirement the Librarian would have been eligible for up to 186 hours of vacation buy back – this recommendation reduces the eligible sale to zero.
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