To: Martin L. Cousineau, Finance Committee Chairperson
From: Jennifer Draheim, Retirement Services Administrator
Chrystal Simpson, Chief Financial Officer
title
RE: Request for amendment of Section 18 of the Genesee County Employees' Retirement System Ordinance
recommendation
BOARD ACTION REQUESTED:
Approval for amendment of Section 18 of the Genesee County Employees' Retirement System Ordinance
BACKGROUND:
This memorandum is provided from this office to the Genesee County Board of Commissioners on behalf of the Retirement Commission of the Genesee County Employees' Retirement System in light of the Retirement Commission's discussions with its Actuary regarding the actuarial cost to the Retirement System of a member's purchase of other governmental service credit.
DISCUSSION:
Section 18 of the Retirement Ordinance provides for the purchase of other governmental service credit. It is the Retirement Commission's position that the current provisions of Section 18 do not adequately address the actuarial cost incurred by the Retirement System when a member purchases other governmental service credit. It is this office's position that the Retirement Ordinance should be amended to accurately reflect the actuarial cost to the Retirement System when a member purchase other governmental service credit. Accordingly, attached please find a proposed Amendment to the Retirement Ordinance for your consideration that fully addresses the requested changes to Section 18 of the Retirement Ordinance.
IMPACT ON HUMAN RESOURCES:
N/A
IMPACT ON BUDGET:
N/A
IMPACT ON FACILITIES:
N/A
IMPACT ON TECHNOLOGY:
N/A
CONFORMITY TO COUNTY PRIORITIES:
Ensuring that the purchase of other governmental service credit accurately reflects the actuarial cost to the retirement system adheres to the Long-Term Financial Stability priority.
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES...
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