Voluntary Early Retirement Program

1
Voluntary Early Retirement Program

• Final Report
• June 27,2007

2
Eligible/Participating Employees

• 76 employees meet eligibility requirements
• 25 employees in administrative divisions
• 12 accepted
• 22 employees in transportation
• 10 accepted
• 18 employees in other operations divisions
• 5 accepted
• 11 employees in recycling divisions
• 4 accepted

3
Cost

• Original Cost Estimates
• Total All Participants 3,174,703
• Low Estimate 1,238,167
• Midrange Estimate 1,555,638
• High Estimate 1,907,562
• Current Estimate (subject to annuity purchase
  adjustments)
• 1,359,386
• Annuities 319,305
• Rollover 626,932
• Cash 413,149
• Health Insurance for participants
• 72,180

4
Reduction in Force

• Non-WTE Positions Reduced -- 39
• Salary Savings -- 1,748,690

5
Recommended Action

• Adopt Resolution
• Approves the Plan Document
• Appoints a trustee
• Authorizes purchase of annuities and funding of
  the plan
• Reaffirms terms of prior resolution