HomeMy WebLinkAbout97-41 - PERS Funding PeriodRESOLUTION NO. 97 -41
RESOLUTION REQUESTING THE
• CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
EXTEND THE FUNDING PERIOD FOR THE SAFETY PLAN
FOR CURRENT SERVICE ACTUARIAL LIABILITIES
FOR THE CITY OF NEWPORT BEACH
\J
11
WHEREAS, the City of Newport Beach is a contracting agency of the California Public
Employees' Retirement System; and
WHEREAS, the current funding horizon does not provide an adequate period of time to
absorb long -term changes in program cost without unacceptable volatility in
the City's operating budget, and;
WHEREAS, the City of Newport Beach has been advised by the Actuarial and
Employer Services Division of the California Public Employees' Retirement
System that the governing body may request an extension of the funding
period for the safety plan for current service actuarial liabilities to June 30,
2016;
BE IT THEREFORE RESOLVED, that the governing body of the City of Newport
Beach does request an extension of the funding period for the safety plan
for current service actuarial liabilities to June 30, 2016, and further resolves
to direct the Administrative Services Director to forward a certified copy of
this resolution to the California Public Employees' Retirement System.
Adopted this
ATTEST:
CITY CLERK
27th
day of May ,1997
MAYOR
•
•
•
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss.
CITY OF NEWPORT BEACH }
I, LAVONNE M. HARKLESS, City Clerk of the City of Newport Beach, California, do
hereby certify that the whole number of members of the City Council is seven; that the foregoing
resolution, being Resolution No. 97 -41, was duly and regularly introduced before and adopted by the
City Council of said City at a regular meeting of said Council, duly and regularly held on the 27th
day of May, 1997, and that the same was so passed and adopted by the following vote, to wit:
Ayes: O'Neil, Thomson, Edwards, Glover, Noyes, and Mayor Debay
Noes: None
Absent: Hedges
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 28th day of May, 1997.
(Seal)
City Clerk of the City of
Newport Beach, California