HomeMy WebLinkAboutResolutions - 1981.08.06 - 13599Misc. 81286
By Mr. McDonald
IN RE: AMENDMENT TO RETIREMENT SYSTEM - COST-OF-LIVING
To the Oakland County Board of Commissioners
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS by Miscellaneous Resolution 119194 adopted November 1st, 1979, the Oakland County
Board of Commissioners provided the retirees from the Oakland County Employees' Retirement System
with their last cost-of-living adjustment benefit effective January 1st, 1980; and
WHEREAS thc cost-of-living increases since January 1st, 1980, have accelerated sharply;
WHEREAS to compensate for the accelerated cost-of-living increase since January 1st, 19804
persons who have retired on or before January 1st, 1981, should be granted a post-retirement cost-
of-living increase benefit; and
WHEREAS the necessary funds to cover the cost of this benefit will be provided from a
Special Reserve Account 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 subpavagraph (h) to Section 34.1 to read as follows:
Post Retirement Benefit Increases
Section J'47'
(h) For a monthly benefit which became effective before January 1st, 1981. beginning
with the monthly benefit paymt -mt, if any, for the month of January 1981, the amount of the monthly
benefit shall be increased by 2-1/2% of the amount of the benefit otherwise payable for the period.
Mr. Chairperson, on behalf of the Personnel Committee, I move the adoption of the foregoing
resolution.
PERSONNEL COMMITTEE
John J. McDonald, Chairperson
Mov:!d hy McDonald supported by Peterson the resolution be adopted.
AYES: Moore, Olsen, Patterson, Perinoff, Pernick, Peterson, Price., Wilcox, Aaron. Caddell..
Cagney, DiGiovanni, poyon, Fortino, Gabler, Gosling, Hobart, Jackson, Lanni, McDonald. Moffitt,
Montante. (22)
NAYS: None. (0)
ABSTAIN: Whitlock.
and and
(I)
A sufficient majotHty havi voted therefor, the resolution was adopted.