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The City of Seattle
Ordinance /
Council Bill /
title
An ordinance relating to the Firefighters’ Pension Fund; repealing Section 1 of Ordinance 117216 as amended by Ordinances 118814, 122293, 122859, 123459, 124057, 124640, and 125190; adopting updated Fund Policies for the Firefighters’ Pension Fund; and superseding Exhibit N to Resolution 30379.
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Recitals:
Ordinance 117216, adopted by the City Council in 1994, established an actuarial account within the Firefighters’ Pension Fund that would accumulate sufficient funding to fully amortize the fund’s remaining pension liabilities.
The requirement for the City’s General Fund to concurrently fund ongoing pension obligations and make transfers to the actuarial account has become unsustainable given broader fiscal pressures and more immediate priorities for the City’s General Fund.
The City has always fulfilled its obligations to the Firefighters’ Pension Fund with the current pay-as-you-go funding approach, which is the accepted approach of similar pension funds.
By closing the actuarial account, the existing balance will help guarantee these obligations and alleviate General Fund pressures. The account closure will not change the City’s commitment to funding all remaining pension benefits in full.
Fund Policies guiding the administration of the Firefighters’ Pension Fund were last adopted by Resolution 30379 in 2001 and necessitate update as a result of these changes. Therefore,
Be it ordained by The City of Seattle as follows:
Section 1. Section 1 of Ordinance 117216, amended by Ordinances 118814, 122293, 122859, 123459, 124057, 124640, and 125190, is repealed:
((Section 1. The following funding policy is adopted with respect to the Firefighters’ Pension Fund (the “Fund”):
A. Beginning in 1994, the City will place in a separate “Actuarial Account” within the Fund each year an amount which is sufficient to fu...
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