Action 11.
Regular Board of Supervisors Meeting
Finance
- Meeting Date:
- 06/13/2017
- Title:
- PSPRS amortization
- Submitted By:
- Nike Noack, Finance
- Department:
- Finance
Presentation:
No A/V Presentation
Recommendation:
Approve
Document Signatures:
BOS Signature Required
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
2
NAME
of PRESENTER:
of PRESENTER:
Lynette Nowlan
TITLE
of PRESENTER:
of PRESENTER:
Finance Director
Mandated Function?:
Federal or State Mandate
Source of Mandate
or Basis for Support?:
or Basis for Support?:
HB 2485
Docket Number (If applicable):
Information
Agenda Item Text:
Adopt Resolution 17-08 to approve a change to the Public Safety Personnel Retirement System (PSPRS) amortization from 20 to 30 years.
Background:
During the 2017 legislative session, the legislature passed HB2485 with an emergency clause. The bill provides a onetime option to select a 30 year amortization of the PSPRS unfunded liability vs. the current 20 year amortization. The emergency clause allows this option to be in place for the FY18 fiscal year if a resolution by the BOS can be approved by the June 28, 2017 PSPRS Board of Trustees meeting. For Cochise County, this would reduce the PSPRS contribution rate from 54.96% to 43.92%. A reduction of 9.04%.
Department's Next Steps (if approved):
Send the approved resolution to the PSPRS in preparation for the June 38, 2017 Board of Trustees meeting.
Impact of NOT Approving/Alternatives:
The FY18 PSPRS contribution rate for Cochise County will remain at the higher rate of 54.96%.
To BOS Staff: Document Disposition/Follow-Up:
Please send approved resolution to Finance.
Fiscal Impact
- Fiscal Year:
- One-time Fixed Costs? ($$$):
- Ongoing Costs? ($$$):
- County Match Required? ($$$):
- A-87 Overhead Amt? (Co. Cost Allocation $$$):
- Source of Funding?:
Fiscal Impact & Funding Sources (if known):
Changing the amortization to 30 years would allow a drop in the PSPRS rate from 54.96% to 45.92%