CITY OF SEATTLE
RESOLUTION __________________
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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, 2024 Actuarial Study.
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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, 2024 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; 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 32114, 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 system's unfunded liabilities in 30 or fewer years.
Section 2. To that end, the ((2024)) 2025 Adopted Budget will include sufficient appropriation for the City to maintain payment of 15.17 percent of regular (non-overtime) payroll into SCERS. This is greater than the employee contribution rates into the system. The employer contribution rate must not be less than the required Actuarial Contribution Rate of 15.17 percent and a c...
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