CITY OF SEATTLE
RESOLUTION _________________
title
A RESOLUTION amending Resolution 31334; establishing the Council's intent to fund the Seattle City Employees' Retirement System in accordance with the January 1, 2015 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, in Resolution 31334, the City Council previously declared 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, 2015 valuation study performed by the Seattle City Employees' Retirement System (SCERS) actuary identified a change in the contribution rate necessary to fully fund the system; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:
Section 1. Resolution 31334, adopted in November 2011 and modified by Resolution 31540 in September 2014, is modified 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 system's unfunded liabilities in 30 or fewer years.
Section 2. To that end, the ((2015))2016 Adopted Budget will include sufficient appropriation for the City to pay ((15.73))15.23% of regular (non-overtime) payroll into SCERS. This is greater than the employee contribution of 10.03%. It brings the combined contribution to ((25.76)) 25.26%, which is the actuarially required amount for ((2015))2016 as described in January 1, ((2014))2015 Actuarial Valuation.
Section 3. The City endorses the actuarial assumptions and methods adopted by the S...
Click here for full text