Title
Resolution to Provide Tier I Benefits to Tier II Plan Members
Summary
Description of Topic: (who, what, where, when, why and how much)
Resolution to Provide Tier I Benefits to Tier II Plan Members, Effective October 1, 2021. No impact to FY21 Budget. Additional Cost will be Budgeted in the FY22 Budget.
Budgetary Impact: None
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ 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 #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ No, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
Body
WHEREAS, under the provisions of Act 2019-132, employers who participate in the Employee's Retirement System pursuant to Ala. Code § 36-27-6 may elect to provide Tier I retirement benefits to Tier II plan members, and
WHEREAS, the City of Foley participates in the Employees' Retirement System pursuant to Ala. Code § 36-27-6 and wishes to improve retirement benefits for its Tier II plan members.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, elects to provide Tier I retirement benefits to its Tier II plan members, subject to approval by the Employee's Retirement System Board of Control; that, if approved, such election shall be effective the following fiscal year and is irrevocable
BE IT FURTHER RESOLVED that the City of Foley has reviewed the actuarial cost estimates provided by the Employees' Retirement System for such election and agrees to pay any resulting increases in the employer contribution rate.
BE IT FURTHER RESOLVED that beginning in the month that such election is effective, the City of Foley's Tier II plan members shall contribute 7.5% of their earnable compensation to the Employees' Retirement System and the City of Foley's Tier II plan members who are firefighters or law enforcement officers, as defined by Ala. Code § 36-27-59(a), shall contribute 8.5% of their earnable compensation to the Employees' Retirement System, as required by Act 2019-132.
BE IT FURTHER RESOLVED that the City of Foley has not increased the member contribution rates for its Tier I members as provided by Act 2011-676 and, as required by Ala. Code § 36-27-6.5, the City of Foley has submitted to the Employees' Retirement System a plan to increase such rates.
BE IT FURTHER RESOLVED that this Resolution shall become effective immediately upon its adoption as required by law.