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 #_______...
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