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Action 2.

Special Board of Supervisors Meeting

Board of Supervisors

Meeting Date:: 08/16/2021
Title:: PSPRS Policy
Submitted By:: Tim Mattix, Board of Supervisors
Department:: Board of Supervisors

Presentation:

No A/V Presentation

Recommendation:

Document Signatures:

# of ORIGINALS
Submitted for Signature:

NAME
of PRESENTER:

Richard G. Karwaczka

TITLE
of PRESENTER:

County Administrator

Mandated Function?:

Source of Mandate
or Basis for Support?:

Information

Agenda Item Text:

Approve Revised Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP) Pension Funding Policy, as required by ARS 38-863.01, effective August 16, 2021.

Background:

38-863.01. Pension funding policies; employers

A. Beginning on or before July 1, 2019, each governing body of an employer shall annually:

1. Adopt a pension funding policy for the system for employees who were hired before July 1, 2017. The pension funding policy shall include funding objectives that address at least the following:

(a) How to maintain stability of the governing body's contributions to the system.

(b) How and when the governing body's funding requirements of the system will be met.

(c) Defining the governing body's funded ratio target under the system and the timeline for reaching the targeted funded ratio.

2. Formally accept the employer's share of the assets and liabilities under the system based on the system's actuarial valuation report.

B. The governing body shall post the pension funding policy on the governing body's public website.

Department's Next Steps (if approved):

Implement Policy.

Impact of NOT Approving/Alternatives:

Not in compliance with ARS 38-863.01

To BOS Staff: Document Disposition/Follow-Up:

Publish Policy Number 1604 with updated information on the County's website.

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