April 2, 2012, Aurora's city council introduced amendments to the defined benefit plan for elected and executive personnel. They increased the age from 56 to 62 for the age of eligibility, capped service years at 12 for all council members, and created an opt out provision for those council members that want to forgo any retirement pay for serving on city council.
The amendments approved last night must still go through one more reading and a third reading for the final approval of the amended council retirement plan.
This is good news, even though council members still do not have to contribute one penny of their own money to their retirement program, they have limited their gift to themselves.
