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HEARING - Consider recommendations regarding retirement benefits for general employees hired on or after June 25, 2012, as follows: (EST. TIME: 10 MIN.)
a) Adopt a Resolution establishing a new retirement plan, Plan 7, for general non-safety employees hired on or after June 25, 2012;
b) Consider the adoption (second reading) of an Ordinance implementing a 2% retirement Cost-of-Living-Adjustment (COLA) as part of Retirement Plan 7 for general member non-safety employees hired on or after June 25, 2012, and waive reading of the Ordinance in its entirety; and
c) Adopt the employer and employee rates for Retirement Plan 7 for Fiscal Year 2012/2013 as previously adopted by the Santa Barbara County Retirement System (SBCERS) Board on April 25, 2012 and shown in the Fiscal Year 2012-2013 Employer and Member Contribution Rates for Retirement Plan 7.
COUNTY EXECUTIVE OFFICER'S RECOMMENDATION: APPROVE