HomeMy WebLinkAboutResolutions - 1990.06.14 - 16809June 14, 1990 Misc. Res. # 90131
By: Personnel Committee - John P. Calandra, Chairperson
In re: Retirement System Amendment Adjustment Benefit
To the Oakland County Board of Commissioners
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, Miscellaneous Resolution #88145, adopted June
9, 1988, provided the retirees from the Oakland County Employees'
Retirement System with an adjustment to their benefit levels; and
WHEREAS, the Board of Commissioners periodically has
reviewed and elected to grant a discretionary increase in post
retirement benefits; and
WHEREAS, persons who have retired before January 1,
1989 should be granted an adjustment in the retirement benefit of
2%, effective January 1, 1990; and
WHEREAS, the necessary funds to cover the cost of this
benefit 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
Board of Commissioners does hereby amend the Oakland County
Employees' Retirement System by adding a new paragraph to Section
35 to read as follows:
"Post Retirement Benefit Increases"
35.1 For a monthly benefit which became effective
as of January 1, 1989, beginning with the monthly
benefit payment, if any, for the month of January
1990, the amount of 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.
PERSONNEL COMMITTEE
jp6/jn9020fn
June 28, 1990
FISCAL NOTE (Misc. 90131)
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: RETIREMENT SYSTEM AMENDMENT ADJUSTMENT BENEFIT - MISCELLANEOUS
RESOLUTION #90131
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
Pursuant to Rule XI-G of the Board, the Finance Committee has reviewed
Miscellaneous Resolution #90131 and finds:
1) The total accrued liability for a two (2%) percent increase in the
retirement benefit for persons who have retired before July 1, 1989
amounts to $1,207,020.
2) Funds are available in the Reserve for Retired Benefit payments in the
County Employee's Retirement System to provide for this increase,
therefore no additional General Fund appropriation is necessary.
3) Implementation of the subject adjustment requires the following transfer
of funds:
From:
1-73100-390-001 Employee's Retirement Reserve
To:
1-73100-380-001 County Pension Reserve Fund - General
1-73100-380-002 County Pension Reserve Fund - Sheriff
$(1,207,020)
$ 1,049,450
157,570
$ 1,207,020
$ -0-
Recommends the Resolution be amended as follows:
a) The third "Whereas" to read "Whereas, persons who
have retired before July 1, 1989 should be granted
an adjustment in the retirement benefit of 2%,
effective July 1, 1990."
b) The "Now Therefore be it Resolved" to read at
Section 35.1 of the Oakland County Employees'
Retirement System "... which became effective
as of July 1, 1989, beginning with the monthly
benefit payment, if any, for the month of
July, 1990 ..."
FINANCE COMMITTEE
#90131
June 28, 1990
Moved by Calandro supported by Caddell the resolution be adopted.
Moved by Caddell supported by Pappageorge the resolution be amended in
the 3rd WHEREAS paragraph to change the date from January 1, 1990 to July 1,
1990. Also in the NOW THEREFORE BE IT RESOLVED paragraph change from
January 1, 1989 to July 1, 1989.
Vote on amendment:
AYES: Luxon, Oaks, Olsen, Pappageorge, Pernick, Rewold, Skarritt, Wolf,
Caddell, Chester, Crake, Gosling, Huntoon, Jensen, R. Kuhn, Law. (16)
NAYS: McConnell, McPherson, Price, Aaron, Bishop, Calandro, Johnson. (7)
A sufficient majority having voted therefore, the amendment carried.
Moved by Aaron supported by Oaks the resolution be referred to the
Personnel Committee for further consideration.
Vote on referral:
AYES: McConnell, McPherson, Oaks, Olsen, Pappageorge, Pernick, Rewold,
Skarritt, Wolf, Aaron, Bishop, Calandro, Chester, Crake, Gosling, Huntoon,
Jensen, Johnson, Law, Luxon. (20)
NAYS: Price, Caddell, R. Kuhn. (3)
A sufficient majority having voted therefore, the motion to refer
carried.