- Meeting Date:
- 07/25/2017
- Title:
- EORP Interest Contribution
- Submitted By:
- Arlethe Rios, Board of Supervisors
- Department:
- Board of Supervisors
Submitted for Signature:
of PRESENTER:
of PRESENTER:
or Basis for Support?:
Information
Agenda Item Text:
Approve the issue of the Elected Official Retirement Pension (EORP) excess contributions to the Superior Court judges in the amount of $134,667.75 and the issue of the pre-judgment interest refunds to the applicable EORP members in the amount of $57,623.53 and post-judgment interest of $311.40.
Background:
On June 27, 2017, the BOS approved the issuance of the excess contributions refund to all other members of EORP and PSPRS who were impacted by the both the Hall and Parker lawsuits filed against the State. At that time, the interest rate was unknown so interest was not included in those first refunds. Since that date, the Hall lawsuit was finalized and the interest rates, 4.25% for pre-judgment interest and 5.25% for post judgment interest, have been determined proving employers the needed information to issue the interest refunds. The amount of pre-judgment interest to be paid by the County for EORP is $57,623.53. Due to the fact that the County issued the majority of refunds, on June 28, 2017, the amount of post-judgment interest to be paid is $311.40.
Department's Next Steps (if approved):
Finance will work to issue the refunds by Friday, July 28, 2017.
Impact of NOT Approving/Alternatives:
As the refunds are a result of an Arizona Supreme Court decision, the refunds will eventually need to be issued by the County and the delay in issuing the refunds will result in an increase to the amount of interest that the County will have to pay overall.
To BOS Staff: Document Disposition/Follow-Up:
Notify Finance of approval of agenda item.
Fiscal Impact
Attachments
No file(s) attached.