1336RECITALS:
RESOLUTION NO.1336
A RESOLUTION ESTABLISHING FUND 625 "PERS TRUST FUND"AND
PLACING THE DIFFERENCE BETWEEN THE STATE RETIREMENT BOARD
ACTUARIAL RATES AND THE LEGISLATIVE RATES IN SAID FUND
1.The legislative PERS retirement rates have been fixed below the actuarial
rates necessary to fund the PERS retirement system.
2.The state retirement system,in its memorandum of May 29,1987,indicates
local units of government may wish to use the actuarial rates and set
aside the funds for the time when the higher rates will Inevitably be
assessed.
RESOLVED:
1.That Fund 625,"PERS Trust Fund"be established.
2.That the city use the retirement board actuarial rates for all computa
tion of retirement and budgetary purposes,and place the difference
between the actuarial rates and the legislative rates 1n the PERS Trust
Fund,when the funds would have normally been remitted to the PERS Re
tirement System.
3.That said funds be used to stabilize the retirement rates when the higher
rates are assessed.
Adopted by the City Council on July 14,1987.
ATTEST:
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