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Record No: Res 32023    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 amending Resolution 31334; establishing the City Council's intent to fund the Seattle City Employees' Retirement System (SCERS) as informed by the January 1, 2021, Actuarial Study.
Sponsors: Teresa Mosqueda
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Resolution 32023, 3. Affidavit of Publication
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 (SCERS) as informed by the January 1, 2021, 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 Seattle City Employees' Retirement System (SCERS), including a plan to amortize the system's unfunded liability in 30 or fewer years; and
WHEREAS, the January 1, 2021, valuation study performed by the 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 SMC 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 August 12, 2021, meeting, voted to recommend to the City Council that it maintain the 2021 employer contribution rate of 16.10 percent for fiscal year 2022, under the rationale that it is prudent in the interest of funding stability and in anticipation of declining changes to assumptions resulting from the upcoming Experience Study in 2022; 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 31978, is amended as follows:
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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 contributi...

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