SEATTLE CITY COUNCIL - Record No: Res 32071

• Record No: Res 32071
• Version: 1
• Type: Resolution (Res)
• Status: Adopted
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/29/2022
• Title: A RESOLUTION amending Resolution 31334; establishing the City Council's intent to fund the Seattle City Employees' Retirement System as informed by the January 1, 2022 Actuarial Study.
• Sponsors: Teresa Mosqueda
• Supporting documents: 1. Summary and Fiscal Note, 2. Signed Resolution 32071, 3. Affidavit of Publication

Date	Ver.	Action By	Action	Result
12/2/2022	1	City Clerk	attested by City Clerk
12/2/2022	1	Mayor	returned
12/2/2022	1	Mayor	Signed
12/1/2022	1	City Clerk	submitted for Mayor's signature
11/29/2022	1	City Council	adopted	Pass
11/21/2022	1	Select Budget Committee	adopt	Pass
11/1/2022	1	City Council	referred
10/27/2022	1	Council President's Office	sent for review
10/27/2022	1	City Clerk	sent for review
9/27/2022	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
RESOLUTION __________________

title
A RESOLUTION amending Resolution 31334; establishing the City Council's intent to fund the Seattle City Employees' Retirement System as informed by the January 1, 2022 Actuarial Study.
body
WHEREAS, the City provides and manages a defined-benefit pension for its non-uniformed employees to serve as a source of retirement income, along with Social Security; and
WHEREAS, the City Council previously declared, in Resolution 31334, its intention to fully fund the actuarially required contribution amounts into the pension system, including a plan to amortize the system's unfunded liability in 30 or fewer years; and
WHEREAS, the January 1, 2022 valuation study performed by the Seattle City Employees' Retirement System (SCERS) actuary identified the contribution rate necessary to fully fund the system; and
WHEREAS, the City will update its contribution rate to SCERS annually to a level not less than the actuarial required contribution for that year as determined by the most recent valuation; and
WHEREAS, under Seattle Municipal Code Section 4.36.505 the SCERS Board of Administration shall recommend to the City Council any necessary revisions in the rate of contributions of members and the City; and
WHEREAS, the SCERS Board of Administration, at its June 9, 2022 meeting, voted to recommend to the City Council that it implement the 2022 actuarially required employer contribution rate of 15.82 percent for fiscal year 2023; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:
Section 1. Resolution 31334, last amended by Resolution 32023, is amended as follows:
Section 1. The City will fully fund its actuarially required contributions to SCERS in the 2012 Adopted Budget and thereafter. The City will base its contribution rate on a five-year smoothed asset valuation as described in the most recent actuarial report, and the rate will be sufficient to amortize the ...