Share to Facebook Share to Twitter Bookmark and Share
Record No: Res 32022    Version: 1 Council Bill No:
Type: Resolution (Res) Status: Adopted
Current Controlling Legislative Body City Clerk
On agenda: 11/22/2021
Ordinance No:
Title: A RESOLUTION approving interest rates set by the Seattle City Employees' Retirement System (SCERS) Board of Administration for 2022.
Sponsors: Teresa Mosqueda
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Resolution 32022, 3. Affidavit of Publication
CITY OF SEATTLE
RESOLUTION __________________
title
A RESOLUTION approving interest rates set by the Seattle City Employees' Retirement System (SCERS) Board of Administration for 2022.
body
WHEREAS, the Seattle City Employees' Retirement System (SCERS) currently pays interest on employee contributions at an annual rate of 5.75 percent (compounded annually) for contributions made before December 31, 2011, and 2.92 percent (also compounded annually) for employee contributions made after that date; and
WHEREAS, Seattle Municipal Code Section 4.36.505 provides that "[n]othing in this Section 4.36.505 shall be construed to limit the right of the Board [of Administration] to make changes in rates of interest, subject to approval of the City Council, whenever the Board deems it necessary or advisable..."; and
WHEREAS, the SCERS Board of Administration, at its August 12, 2021, meeting, voted to adjust the annual interest rate for 2022 on all contributions received after December 11, 2011, to 1.77 percent (compounded annually); and
WHEREAS, the SCERS Board intends to review and adjust this rate annually, based on market conditions; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:
Section 1. The City Council approves the 2022 credit interest rate adopted by the SCERS Board of Administration of 1.77 percent (compounded annually) on all member contributions received after December 31, 2011. Member contributions received on or before December 31, 2011, will continue to accrue credit interest at a rate of 5.75 percent (also compounded annually). These rates will apply at the beginning of the first full pay period of 2022.
Adopted by the City Council the ________ day of _________________________, 2021, and signed by me in open session in authentication of its adoption this ________ day of _________________________, 2021.
____________________________________
President ____________ of the City Council
The Ma...

Click here for full text