Title
Retiree Bonus Authorization (ACT 2017-367)
(Local Unit Retirees and Beneficiaries of Deceased Retirees)
Summary
Description of Topic: (who, what, where, when, why and how much)
Act #2017-367 authorizes cities participating in the Employees' Retirement Systems (ERS) of Alabama to fund a one-time bonus to retired members and beneficiaries of deceased retirees who retired prior to May 1, 2017 and are entitled to receive a monthly retirement benefit from ERS on November 30, 2017. Estimated cost for the City of Foley to fund this one-time bonus is $23,846.00 which will require 0.20% be added to the City's employer contribution rate effective for the one year period From October 1, 2018 to September 30, 2019, or the City may elect to submit a one-time lump sum payment remitted with the resolution to cover the cost.
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 #01-6xx-1050 in the amount of $23,846.
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
RESOLUTION -- ACT 2017-367
(Local Unit Retirees and Beneficiaries of Deceased Retirees)
Be it resolved that the City of Foley, through its governing authority, elects to come under the provisions of Section 2 of Act 367 of the Regular Session of the 2017 Legislature.
The City of Foley agrees to provide all funds necessary to the Employees' Retirement System to cover the cost of the one-time lump sum payment as provided for by this Act for those eligible retirees and beneficiaries of deceased retirees of the City of Foley with the aforementioned .20% added to the City's employer contribution rate effective for the one year period from October 1, 2018 to September 30, 2019.