HomeMy WebLinkAboutResolutions - 1983.02.24 - 11525February 24th, 1983
Miscellaneous Resolution # 83026
By: Personnel Committee - John J. McDonald, Chairperson
In re: Amendment to the Oakland County Employees Retirement System
- Addition to Section 27„ Option D
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr, Chairperson, Ladies and Gentlemen:
WHEREAS the Oakland County Employees' Retirement System provides that
an employee at retirement may choose certain benefit options which cannot be
chanaed after retirement; and
WHEREAS these options now provide a benefit for a beneficiary at less
than a straight life allotment at the same cost to the Retirement Syste:n; and
WHEREAS additional benefits may be added to the Retirement Plan that
will allow the Retirant to draw a straight life allowance at the death of his
Beneficiary without additional cost to the system,
NOW THEREFORE BE IT RESOLVED that the Oakland County Retirement
System Rules be amended to add to Section 27, Option D as follows:
'Option D. Pop-Up Option, A retirant may elect this option in
corrt:nnation with Option A or B. Under this option a reduced
retirement allowance is payable during the joint lifetime of the
retirant and his beneficiary nominated under Option A or B. Upon
the death of the retirant, his beneficiary will receive a retirement
allowance for life equal to the percentage specified by Option A
or B of the reduced retirement income payable during the joint
lifetime of the retirant and his beneficiary. Upon the death of
the beneficiary, the retirant will receive a retirement allowance
equal to 100°/, of the amount specified by Section 25 for the
remaining lifetime of the retirant, The reduced retirement
allowance payable during the joint lifetime of the retirant and
his beneficiary together with the retirement allowance payable to
one upon the death of the other, will he actuarially equivalent to
the retirement allowance provided by Section 25 as a single life
annuity."
MR. CHAIRPERSON, on behalf of the Personnel Committee, I move
adoption of the foregoing resolution,
PERSONNEL COMMITTEE
h e
#83026 February 24, 1983
24th d ay o f February 1983
LYNNA. ALLEN, County Clerk/Register of
Moved by McDonald supported by Fortino the resolution be adopted.
AYES: Page, Perinoff, Pernick, Price, Rewold, Wilcox, Doyon, Foley,
Fortino, Gosling, Hobart, Jackson, R. Kuhn, S. Kuhn, Lanni, Law, McConnell,
McDonald, McPherson, Moffitt, Moore, Nelson, Olsen. (23)
NAYS: Caddell, Calandro. (2)
A sufficient majority having voted therefor, the resolution 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 #83026 adopted by the Oakland County Board of Commissioners
at their meeting held on February 24, 1983
with the original 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, 1 have hereunto set my hand and alThed the
seal of said County at Pontiac, Michigan
this