The City of Davenport may try to save money by offering some employees early retirement incentives. At tonight's city council meeting, aldermen will discuss the proposal which could help the city deal with a lack of state funding, decreases in revenue, and other budget problems.
Under the measure, current full-time employees who've worked for Davenport at least seven years would be eligible.
They could choose from three options:
- Six months of COBRA health insurance coverage for the worker and their dependents at no cost,
- A one-time contribution of $7,000 to the employee's retirement health savings plan account,
- Or a one-time cash payment of $7,000.
Davenport's proposed early retirement plan requires employees to retire before the end of the year. And they would have to decide by October 19th.
If the city council approves the program, Davenport will send letters to employees in about two weeks.