Saturday, November 20, 2010

San Angelo's ERRP Bank

The City of San Angelo's estimated Early Retiree Reimbursement Program Savings are pictured below.  They cover a two year period, June 1, 2010 to May 31, 2012.   Data comes from several sources, city officials and national benefit consultants.

Holmes-Murphy (San Angelo City HR data)
Low --  $193,836
Expected  --  $653,404
High --  $805,819

Hewitt Associates (national projections)
25% of early retiree plan --  $841,935
$3,000 per retiree @250 under 65 retirees --  $750,000
The five projections can be seen in the blue bars.  The City will bank 80% of ERRP funds before sharing any savings with early retirees or employees.  This is represented by the red bars.

There is "new money," contrary to Mayor New's assertion. The City is choosing not to use it until 2012.

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