HomeMy WebLinkAboutResolutions - 1988.06.23 - 17497MISCELLANEOUS RESOLUTION # 89145 June 9, 1988
By: PERSONNEL COMMITTEE - John P. Calandro, Chairperson
In Re: RETIREMENT SYSTEM AMENDMENT ADJUSTMENT BENEFIT
To the Oakland County Board of Commissioners
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, Miscellaneous Resolution #86339, adopted December
11, 1986, 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, 19
should be granted an adjustment in the retirement benefit of an
amount equal to 3% effective January 1, 1988; and
WHEREAS, the Oakland County Retirees' Association has
recommended that the 3% increase be converted into service equivalent
of $10.20 per year of county service; 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
Employees' Retirement System be amended by adding a new subparagraph
(m) to Section 34.1 to read as follows:
"Post Retirement Benefit Increase"
Section 34.1
(m) For a monthly benefit which became effective
as of January 1, 1987, beginning with the monthly
benefit payment, if any, for the month of January
1988, the amount of monthly benefit shall be
increased by $0.85 for each full year of Oakland
County Service Credit.
MR. CHAIRPERSON, on behalf of the Personnel Committee,
I move the adoption of the foregoing resolution.
PERSONNEL COMMITTEE
1 HEREPY, r' PESOLUTV31\I
FISCAL NOTE
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: RETIREMENT SYSTEM AMENDMENT ADJUSTMENT BENEFIT - MISCELLANEOUS
RESOLUTION #88145
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mt. Chairperson, Ladies and Gentlemen:
Pusuant to Rule XI-G of the board, the Finance Committee has reviewed
Miscellaneous Resolution 1188145 and finds:
1) The total accrued liability for this increase is $1,269,867.
2) Funds are available in the Reserve for Retired Benefit payuents in
the County Employees Retirement System to provide for persons who
have retired before January 1, 1987, an increase in the monthly
retirement benefit of $0.85 for each full year of Oakland County
Service Credit, so no additional funds are required.
FINANCE COMMITTEE
Resolution # 88145 June 23., 1988
Moved by Calandro supported by Caddell the resolution (with favorable
Fiscal Note attached) be adopted.
AYES: Jensen, R. Kuhn, S. Kuhn, Lanni, McConnell, McDonald, A. McPherson,
R. McPherson, Moffitt, Page, Pernick, Price, Rewold, Skarritt, Wilcox, Aaron,
Caddell, Calandro, Crake, Doyon, Hobart. (21)
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 and having a seal,
do hereby certify that I have compared the annexed copy of the attached
resolution adopted by the Oakland County Board of Commissioners at their regular
meeting held on June 23,. 1988
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, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan
this 23rd 'day of June 1,98
