HomeMy WebLinkAboutResolutions - 1985.12.12 - 11308Y APPROVE THE FOREGOING RESOLUTION
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Miscellaneous Resolution # 85348 (Substitute Resolution) December 12, 1985
By: PERSONNEL COMMITTEE--John J. McDonald, Chairperson
In Re: RETIREMENT SYSTEM AMENDMENT ADJUSTMENT BENEFIT
To the Oakland County Board of Commissioners
Mr. Chairperson, Ladies, and Gentlemen:
WHEREAS Miscellaneous Resolution #84116, adopted May 10, 1984, provided
the retirees from the Oakland County Employees' Retirement System with
an adjustment to their benefit levels and with the last such adjustment
being July 1, 1985; and
WHEREAS the Board of Commissioners periodically has reviewed and
elected to grant a discretionary increase in post retirement benefits; and
WHEREAS the necessary funds to cover the cost of this adjustment
will be provided from the Reserve for Retired Benefit Payments of the Oakland
County Employees' Retirement System and will not require an Appropriation
from the county.
NOW THEREFORE BE IT RESOLVED that the Oakland County Employees'
Retirement System be amended by adding a new subparagraph (k) to Section 34.1
to read as follows:
"Post Retirement Benefit Increases"
Section 34.1
(k) For a monthly benefit which became effective as of December 6,
1985, beginning with the monthly benefit payment, if any, for
the month of January 1986, the amount of monthly benefit shall
be increased by 2% of the amount of benefit otherwise payable
for the period.
Mr. Chairperson, on behalf of the Personnel Committee, I move the
adoption of the foregoing resolution.
FISCAL NOTE
BY: FINANCE COMMITT! . DR. C. WILLIAM GADOELE CHATRPERSON
IN RE: MISCELLANEOUS RESOLUTION #85348 - RT 1 T -l:1 . 1r SYSTEM AMENDMENT _
ADJUSTMENT nl,N771-.1
TO THE OAKLAND COUNTY 1OARD OF COMMISSIONERS
Mr. (Thairperson, Ladies and Gentlemen:
Pursuant to Rule XT-C of this Beard, the Finance Committee has reviewed
Miscellaneous Resolution #85348 and finds:
1) The Resolution amends the Oakland County Employees Retirement
System to compensate persons who have retired on or before
December 6, 1985 for cost-of-living increases since July 1, 1984,
2) The monthly benefit will increase by two (2) percent of the
amount of the benefit beginning with the January 1986 benefit payment,
3) Funding to cover the cost of this benefit will be provided from
the Reserve for Retired Benefit payments of the Oakland. County
Employee's Retirement System and no additional appropriation
is required.
4) The cost of this benefit (8691,268) will be covered by the S6,100,000
Retired Member Reserve, based on Gabriel, Rohder, Smith and Company,
actuarial consul trints 1984 Retirement System valuation.
FINANCE COMMITTEE
12th day of Dec =ter 19 85
LLEN
County Clerk/Register of Deeds
#85348 December 12, 1985
Moved by McDonald supported by Fortino the resolution, with Fiscal Note
attached, be adopted.
Mr. Calandro stated that he is offering an alternative resolution which
excludes from the resolution the implications that is is a cost-of-living adjustment
benefit that is automatically included in the pension plan.
There were no objections to the alternative resolution.
Vote on Resolution (with Fiscal Note attached):
AYES: Pernick, Skarritt, Webb, Wilcox, Caddell, Calandro, Doyon, Fortino,
Gosling, Hobart, R. Kuhn, S. Kuhn, Lanni, Law, McConnell, McDonald, Nelson, Olsen,
Page, Perinoff. (20) -
NAYS: None. (0)
A sufficient majority having voted therefor, the alternative resolution,
(with Fiscal Note attached) was adopted.
STATE OF MICHIGAN)
)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and having a seal,
do hereby certify that I have compared the annexed copy of
Miscellaneous Resolution adopted by the Oakland County 1Board of Commissioners
t their meeting held on December 12, 1985.
with the orginial record thereof now remaining in my office, and
that it is a true and correct transcript therefrom, and of the
whole thereof.
In Testimony Whereof, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan
this