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AGENDA ITEM REVIEW FORM |
6.A.
Regular City Council Meeting
- Meeting Date:
- 12/09/2020
- Department Head:
- Monica Castro
- Submitted By:
- Monica Castro, Director of Finance, Finance Department
Action Requested:
Motion
ITEM:
Discussion and possible action on any and all matters regarding the annual pension funding policy for public safety personnel required by HB 2097. (Monica Castro, Director of Finance)
SUMMARY:
The Governor signed HB 2097 on April 3, 2018, now A.R.S. § 38-863.01 requires that cities annually adopt pension funding policies for public safety personnel (police and fire) every year. The law prescribes the contents of the policies. The Finance Department has prepared the policies for public safety personnel of the Police and Fire Departments for the years 2018 and 2019 to be compliant with these requirements. The law further requires that the City Council formally accept the city's share of the assets and liabilities under the Arizona Public Safety Personnel Retirement System ("System") based on the System's actuarial valuation. Finally, the law requires that the City Council post the policies on the city's official website.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO :
- ADOPT THE PENSION FUNDING POLICIES AS PRESENTED,
- ACCEPT THE CITY'S SHARE OF THE ASSETS AND LIABILITIES UNDER THE ARIZONA PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM'S ACTUARIAL VALUATION REPORT,
AND
- ORDER THAT THE APPROPRIATE CITY STAFF POST THE PENSION FUNDING POLICIES ON THE CITY'S WEBSITE.
- ADOPT THE PENSION FUNDING POLICIES AS PRESENTED,
- ACCEPT THE CITY'S SHARE OF THE ASSETS AND LIABILITIES UNDER THE ARIZONA PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM'S ACTUARIAL VALUATION REPORT,
AND
- ORDER THAT THE APPROPRIATE CITY STAFF POST THE PENSION FUNDING POLICIES ON THE CITY'S WEBSITE.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- N/A
- CITY/STATE/FEDERAL FUNDS:
- N/A
- TOTAL:
- N/A
- BUDGETED AMOUNT:
- N/A
- AVAILABLE AMOUNT TO TRANSFER:
- N/A
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- N/A
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
No fiscal impact for this item.