Title
Resolution Allocating Funds to General Government Retirement Expense in Support of Act Number 2015-338
Summary
Description of Topic: (who, what, where, when, why and how much)
Alabama Act No. 2015-338, passed on June 3, 2015, provides Baldwin County mayors of municipalities that participate in the Employees' Retirement System of Alabama the right to participate in the Employees' Retirement System of Alabama upon the same terms and conditions as may be specified by law for any other employee in the same retirement system. A mayor holding office at the time of the ratification of the amendment is eligible to purchase service credit in the Employees' Retirement System for the time the official has served in the current office. There is a need to allocate $26,483.32 to the General Government Retirement Account to cover the employer cost of the service credit as requested by Mayor John Koniar for his service credit of ten (10) years and three (3) months.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
__X__ Not budgeted requiring increase to account #01-620-1050 in the amount of $26,483.32.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, Alabama Act No. 2015-338, passed on June 3, 2015, provides Baldwin County mayors of municipalities that participate in the Employees' Retirement System of Alabama the right to participate in the Employees' Retirement System of Alabama upon the same terms and conditions as may be specified by law for any other employee in the same retirement system, and
WHEREAS, A mayor holding office at the time of the ratification of the amendment is eligible to purchase service credit in the Employees' Retirement System for the time the official has served in the current office, and
WHEREAS, There is a need to allocate $26,483.32 to the General Government Retirement Account to cover the employer cost of the service credit as requested by Mayor John Koniar for his service credit of ten (10) years and three (3) months.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Allocates $26,483.32 to General Government Retirement Account #01-620-1050 for the employer funding portion of Mayor John Koniar's purchase of RSA service credit.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.