HomeMy WebLinkAboutResolutions - 1990.12.13 - 18238Misc. Res. # 90297
By: Personnel Committee - John P. Calandro, Chairperson
In re: Retirement System Amendment - 1990 Retiree 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
effective January 1, 1988; and
WHEREAS, the Board of Commissioners periodically has
reviewed and elected to grant a discretionary increase in post
retirement benefits; 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 Retirees receiving benefits prior to
July 1, 1989, and who have continually received
benefits through July 1, 1990, shall receive a
one time payment equal to a percentage of their
annual benefit as of July 1, 1990, as expressed
in the following:
Retirement Date
1967 and Prior
1968 through 1969
1970 through 1972
1973 through 1985
1986 through 6-30-89
Mr. Chairperson, on behalf of the Personnel Committee,
I move the adoption of the foregoing resolution.
PERSONNEL COMMITTEE
Increase
10%
9%
8%
2%
1%
I H BY APPROVE THE FO
'r
, ,
Daniel T. 'Mu ihy, dunty
OING RESOLUTION
VA'
0110
NF7/N09060FR
December 13, 1990
FISCAL REPORT (Misc. 90297)
BY: FINANCE COMMITTEE, DR. G. WILLIAM CADDELL, CHAIRPERSON
IN RE: RETIREMENT SYSTEM AMENDMENT 1990 RETIREE BENEFIT
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
The Finance Committee has reviewed Miscellaneous Resolution # and
finds:
1) The Personnel Committee and Retirement Commission have jointly
proposed to pay retirees a one-time payment based on an
established percent of their annual retirement rate as of July 1,
1990.
Retirement Date One-Time Payment Rate
1967 and prior 10% of annual rate
1968-1969 9% of annual rate
1970-1972 8% of annual rate
1973-1985 2% of annual rate
1986-June 30, 1989 1% of annual rate
2) Estimated cost will not exceed $120,000 and is available within
Retirement Reserves.
3) No additional funding is necessary and therefore no budget
amendments are recommended.
Mr. Chairperson, on behalf of the Finance Committee, I move the
adoption of the foregoing report.
FINANCE COMMITTEE
Resolution # 90297 December 13, 1990
Moved by Calandra supported by Skarritt the resolution be adopted.
AYES: Olsen, Pappageorge, Pernick, Rewold, Skarritt, Aaron,
Caddell, Calandro, Crake, Ferrens, Gosling, Johnson, R. Kuhn, Law, Luxon,
McConnell, McCulloch, McPherson, Moffitt. (19)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was
adopted.
STATE OF MICHIGAN)
COUNTY CF 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 December 13, 1990
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set Ely hand and affixed the seal of the County
of Oakland at Pontiac, Michigan this 13th day) December„ /, )9S1..
7. Lyny D. kilin, County Clerk
„