Title
A Resolution Authorizing Retiree Bonus (ACT 2022-229)
Summary
Description of Topic: (who, what, where, when, why and how much)
Act 2022-229 authorizes cities participating in the Employee's Retirement Systems (ERS) of Alabama to fund a one-time bonus to retired members and beneficiaries of deceased retirees who retired prior to March 1, 2022 and are entitled to receive a monthly retirement benefit from ERS on September 30, 2022. Estimate cost for the City of Foley to fund this one-time bonus is $36,334.00 which will require 0.24% to be added to your agency's employer contribution rate effective for the one year period from October 1, 2023 - September 30, 2024, or you may 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 #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
_x___ Not budgeted requiring increase to account #___________ in the amount of $36,334.00 **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 Pl...
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