Consent 2.
Regular Board of Supervisors Meeting - 10:00 am
Board of Supervisors
- Meeting Date:
- 07/22/2025
- Title:
- FY 26 Update PSPRS/CORP policy
- Submitted By:
- Monica Miranda, Finance
- Department:
- Finance
Presentation:
No A/V Presentation
Recommendation:
Approve
Document Signatures:
BOS Signature Required
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
0
NAME
of PRESENTER:
of PRESENTER:
Monica Miranda
TITLE
of PRESENTER:
of PRESENTER:
Finance Director
Mandated Function?:
Not Mandated
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Docket Number (If applicable):
Information
Agenda Item Text:
Approve annual update to County Policy 1604: Public Safety Personnel Retirement System (PSPRS) and Corrections Officers Retirement Plan (CORP) Pension Funding, effective July 22, 2025, and formally accept the County's share of the assets and liabilities under the system based on the system's actuarial valuation report.
Background:
ARS 38.863.01, Pension Funding Policy, Employers, requires that the governing body of an employer with PSPRS and/or CORP annually adopt a pension funding policy for the system for employees who were hired before July 1, 2017. The policy provides the public with information that the Board will maintain the stability of the County's contributions to the system each fiscal year through the minimum Annual Required Contribution as projected by PSPRS and CORP. Additional funding steps can also be taken by the Board through the budget process each year. Further, during the budget process, the Annual Required Contribution shall be determined as 50% or the rate published in the annual actuarial report, whichever is greater. The timeline to be fully funded is stated as a period of over 30 years.
With this policy approval, the Board will also formally accept the County's share of the assets and liabilities under the system based on the system's actuarial valuation report. The pension funding policy will be posted on the County's public website.
With this policy approval, the Board will also formally accept the County's share of the assets and liabilities under the system based on the system's actuarial valuation report. The pension funding policy will be posted on the County's public website.
Department's Next Steps (if approved):
Post updated policy County website, per statute. Remove previous policy.
Impact of NOT Approving/Alternatives:
County will not be in compliance with statute.
To BOS Staff: Document Disposition/Follow-Up:
| Send "Proposed 2025 Policy - Final" to Marty Renteria for posting on the County website. | |||||
Fiscal Impact
Fiscal Impact & Funding Sources (if known):
N/A