HomeMy WebLinkAboutLetter 1 FR/SR- - - - Concepts
— X
March 24, 2009
Mr. Randall L. Stanley
Stardey Holcombe & Associates, Inc.
2000 Riveredge Part: -way, Suite 540
Atlanta, Georgia 30328
Dear Randy:
Aanagement Advisors
Bents 4)cciaY,a ,
CITY OF MIAMI - FIPO CONTRIBUTION STABILIZATION
You and I have spent significant effort (you more than 1) in attempting to develop
methodology that -would demonstrate that the F1PO conte -buttons are "stable" within
the meaning of the collective bargaining agreement ("contributions not greater than
37% of covered payroll for not less than 10 yeazs"). With the current financial tu-=Oil
and shortfall in investment retu=Ls, it has become apparent that contribution stability is
not currently achievable, nor is it likely to be achievable in the foreseeable future.
'herefore, it would seem prudent to acknowledge that contribution stabilization,
although a laudable goal, cannot be accomplished as hoped.
Therefore, I suggest we acknowledge to our -respective clients that stability is not
currently achievable and that the City and union need to pursue the contingent
provisions in the collective bargaining agreement that would apply in the event that
contribution "stability" cannot be achieved given current circuinstances_
Sincerely,
ZP�9_,�7, t7l.,,�
Michael J. 'Tierney
3020 IiarLkL Pd.. &uiiG 250; JackaC)IIAIe, n 32277
Phone_ {904) M5 -3020. F= (904) 268-5%4
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