City commission approves housing pension carve-out

IRONWOOD — The city commission this week approved a “carve-out” agreement for the pension fund of Ironwood Housing employees.

City treasurer Paul Linn said creating a separate division of the pension fund will allow city officials and the Ironwood Housing Commission board to get a “more accurate picture” of assets and liabilities of the housing employees.

Housing employees were previously co-mingled in the plan with employees in other city departments.

Linn said a similar agreement was approved for library employees a few years ago.

The commission unanimously approved the carve-out.

On another matter, the commission approved a request for the Ironwood Industrial Development Corporation to renew a $4,500 bond for an additional year at a 2.5 percent interest rate.

City manager Scott Erickson said many years ago the IIDC purchased bonds through the city and is now paying them off. There is one more year of payment left on the $4,500 bond, he said.

The IIDC sent the city a check of $4,512 for half of the current principal and the $4,500 bond renewal approved Monday is for the remaining principal, maturing on Nov. 1, 2016.

Erickson also said the city is working with the Michigan Historical Society on seeking bids for Carnegie Library renovations.

The bids will eventually come before the city commission for approval.

—Ralph Ansami