HomeMy WebLinkAboutResolutions - 1990.02.08 - 16819February 8, 1990
MISCELLANEOUS RESOLUTION # 90006
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: TREASURER AND DEPARTMENT OF MANAGEMENT AND BUDGET - FRINGE
BENEFIT FUND BUDGET AMENDMENTS REFLECTING CHANGES IN ACTUARIAL
ASSUMPTIONS AND METHODS
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
the County's Employee Retirement Trust Fund is currently
determined to be in an aver-funded condition; and
WHEREAS the County's Retirees' Hospitalization Trust Fund is currently
determined to have a significant unfunded liability; and
WHEREAS the County's Actuary, Gabriel Roeder, Smith and Company, was
directed by the Retirement Commission to prepare several alternate
actuarial valuations showing the effect of changes in the actuarial
assumptions and methods used in computing system liabilities and related
contributions; and
WHEREAS upon review of the various alternates presented, the
Retirement Commission at the December 5, 1989 meeting adopted the
following Alternative Economic Assumptions:
Present Alternative
Interest 7.0% 7.5%
Salary Base 5.5% 5.25%
Spread 1.5% 2.25%
Temporary Medical Inflation No Yes
Funding Method Attained Age Entry Age
WHEREAS the results of this action is to reduce the 1990 County
contribution to the Retirement Fund while increasing the County's
contribution to the Retirees' Hospitalization Trust Fund to bring said
funding in line with actuarial funding requirements.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of
Commissioners authorizes the following Budget amendments to the Fringe
Benefit Fund (73500) to reflect the changes in actuarial assumptions and
methods adopted by the Retirement Commission:
From:
(4-73500-915-01-00-2077)
Retirement Contribution Account
1990
$(3,307,243)
1991
$(3,672,163)
To:
(4-73500-915-01-00-2083)
Retirees' Hospitalization Account $ 3,307,243 $ 3,672,163
-0- -0-
Mr. Chairperson, on behalf of the Finance Committee 1 move adoption of
the foregoing resolution.
FINANCE COMMITTEE
jp4\mrfringe
Resolution # 90006 February 8, 1990
Moved by Caddell supported by Law the resolution be adopted.
AYES: Ferrens, Gosling, Huntoon, Jensen, Johnson, R. Kuhn, S. Kuhn, Law,
Luxon, McCulloch, McPherson, Moffitt, Oaks, Olsen, Pappageorge, Pernick, Price,
Rewold, Skarritt, Wolf, Aaron, Bishop, Caddell, Calandro, Chester, Crake. (26) _ NAYS: None. (0)
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, do hereby certify that the foregoing
resolution is a true and accurate copy of a resolution adopted by the Oakland County
Board of Commissioners on February 8, 1990
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affi
of Oakland at Pontiac, Michigan this 8th dayAVFehEa.1 1990
Lyng(D. Allen, County Clerk
ed the seal of the County