HomeMy WebLinkAboutCC RESO 93-16RESOLUTION NO. 9 3-16
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
REQUESTING AN EXTENSION OF THE
FUNDING PERIOD APPLICABLE TO THE
P.E.R.S. RETIREMENT PLAN
WHEREAS, Chapter 707 of the Statutes of 1992 authorizes agencies
contracting with the Public Employees' Retirement System (P.E.R.S.) to request an extension
to up to 30 years of the funding period used to amortize accrued unfunded actuarial
obligations for purposes of determining employer contribution rates; and
WHEREAS, Chapter 707 further provides that the Board of P.E.R.S. shall
approve new amortization periods based upon requests from contracting agencies that can
demonstrate a financial necessity; and
WHEREAS, there exists a financial necessity for the City of National City to
request an extension to up to 30 years of the funding period, since the extension, if granted,
will result in a reduction in the City's annual payment to P.E.R.S. of approximately
$210,000 which, due to the City's present financial condition, will assist the City in
balancing its budget, and reduce the likelihood of service cutbacks and employee layoffs.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
National City that the City Council does hereby request that the Board of Directors of the
Public Employees' Retirement System approve an extension for the City of National City to
up to 30 years of the funding period used to amortize accrued unfunded actuarial obligations
for purposes of determining employer contribution rates.
BE IT FURTHER RESOLVED that the City Council finds and determines that
there is a financial necessity for this request.
PASSED and ADOPTED this 2nd day of February, 1993.
o�.
George H.
aters , Mayor
ATTEST:
Lo i Anne Peoples, Cit Clerk
APPROVED AS TO FORM:
4
,J
George H. Eiser, III
City Attorney