HomeMy WebLinkAboutResolutions - 1975.10.02 - 14843REPORT September 18, 1975
BY: PERSONNEL COMMITTEE - Paul E. Kasper, Chairman
IN RE: MISCELLANEOUS RESOLUTION 1/7216 - RETIREMENT AMENDMENT - COST OF LIVING
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairman, Ladies and Gentlemen:
The Personnel Committee, by Paul E. Kasper, Chairman, reports
Miscellaneous Resolution #7216 with the recommendation that the resolution not be
adopted.
The Personnel Committee, by Paul E. Kasper, Chairman, moves the
acceptance of the foregoing report.
PERSONNEL COMMITTEE
Paul E. Kaspé`rt, Xhairman
July 23, 1975
RESOLUTION NO. 7216
RE: RETIREMENT AMENDMENT - COST OF LIVING
BY: BETTY J. FORTJNO
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, by Miscellaneous Resolution. 4979, adopted December
23,- 1968, the Oakland County Board of Commissioners provided for a
cost of living increase of 1.5% for retirees from the Oakland County
Employees Retirement System; and
WHEREAS, the concept of retirement is to allow a retiree
to live comfortaly on the retirement income; and
WHEREAS, the cost of living increases since December, 1968
have accelerated sharply; and
WHEREAS„..this Board should amend the Retirement Plan to
increase the past retirement cost of living benefit from 1.5% to
3%.
NOW THEREFORE BE IT RESOLVED that Section 34.1(c) of the
Oakland County Employees Retirement System be amended by striking
out sub-paragraph (c) of Section 34.1 and inserting therein a
new sub-paragraph (c) to read as follows:
"(c) For a monthly benefit which became effective
before January 1, 1969 beginning with the monthly
benefit payment, if any, for the month of January
1965, the amount of the monthly benefit sha14be
increased by 1% for each full year (excludineany
fraction of a year) in the period from the ef-
fective date of the benefit of January, 1965, to a
maximum of 10%. In addition, beginning May 1, 1969
the amount of the benefit shall be redetermined effec-
tive each May first and such redetermined amount shall
be the amount of the benefit otherwise payable multiplied
by the following percent: 100.0 percent, plus 3 percent
for each full year (excluding any fraction of a year) in
the period from May 1, 1969 to the current May first. In
no event shall such redetermined amount (i) be less than
the amount of the benefit otherwise payable nor (ii) be more
than the amount of the benefit otherwise payable multiplied
by the following fraction: the numerator shall be the
average of the Consumer Price Index for the 12 calendar
months in the calendar year immediately preceding such May .
first (but in no event an amount less than the denominator
below) and; the denominator shall be the average of the
Consumer Price Index for the 12 calendar month in
the calendar year 1967. "The amount of the bene-
fit otherwise payable" means the monthly amount of
benefit which would be payable disregarding these
provisions redetermining benefit amounts on and after
May 1, 1969."
MR. CHAIRMAN, I move the adoption of the foregoing
resolution.
Betty J. Fortino
Commissioner, District No. 5
October 2, 1975
#72 16
Moved by Kasper supported by Moffitt the report be accepted.
A sufficient majority having voted therefor, the motion carried.
Discussion followed.
Moved by Lennon supported by Wilson the resolution be referred to the Finance
Committee.
A sufficient majority having voted therefor, the motion carried.