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11/06/1997 13:01 305-756-7722 <br />City Commission <br />November 20, 1997 <br />Page 2 <br />NORTH BAY VILLAGE <br />By comparison, vesting schedules and employee matches of other cities are as follows: <br />A) Aventura <br />B) Key Biscayne <br />C) Pinecrest <br />12% City Contribution <br />0% Employee Contribution <br />3 Years - 20% Vested <br />4 Years - 40% Vested <br />5 Years - 60% Vested <br />6 Years - 80% Vested <br />7 Years - 1000/9 Vested <br />11% City Contribution <br />6% Employee Contribution <br />100% Immediate Vesting <br />10% City Contribution <br />5% Employee Contribution <br />1 Year - 20% Vested <br />2 Years - 40% Vested <br />3 Years - 60°/6 Vested <br />4 Years - 90% Vested <br />5 Years - 100% Vested <br />PAGE 03 <br />There will be no additional ICMA Retirement Corporation Management fees associated with the <br />employees' 401 Money Purchase Program. <br />Respectfull submitte <br />James DiPictro <br />City Manager <br />JD:pw <br />2-2- <br />