HomeMy WebLinkAboutResolution No. 4207 RESOLUTION NO. 4207
A RESOLUTION REQUESTING THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM
TO EXTEND THE FUNDING PERIOD FOR CURRENT SERVICE, DEATH BENEFITS,
AND 1959 SURVIVOR BENEFIT ACTUARIAL LIABILITIES FOR THE CITY OF
DOWNEY
WHEREAS, THE CITY OF DOWNEY IS A CONTRACTING AGENCY OF THE PUBLIC
RETIREMENT SYSTEM; AND,
WHEREAS, THE CITY OF DOWNEY IS FACED WITH FINANCIAL DIFFICULTIES
DUE TO THE REDUCTION OF STATE SUBVENTIONS; AND,
WHEREAS, THE CITY COUNCIL HAS BEEN ADVISED BY THE ACTUARIAL OFFICE
OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM THAT THE CITY OF DOWNEY
MAY REQUEST THE EXTENSION OF ITS FUNDING PERIOD FOR CURRENT SERVICE,
DEATH BENEFITS AND 1959 SURVIVOR BENEFIT ACTUARIAL LIABILITIES TO
JUNE 30, 2011, UNDER THE TERMS OF THE CONTRACT WITH THE PUBLIC
EMPLOYEES' RETIREMENT SYSTEM;
BE IT THEREFORE RESOLVED, THAT THE CITY COUNCIL OF THE CITY OF
DOWNEY DOES REQUEST THE EXTENSION OF THE FUNDING PERIOD FOR THE
CURRENT SERVICE, DEATH BENEFITS AND 1959 SURVIVOR BENEFIT ACTUARIAL
LIABILITIES TO JUNE 30, 2011, UNDER SAID AGREEMENT AND FURTHER
RESOLVES TO DIRECT THE CITY CLERK TO FORWARD TWO CERTIFIED COPIES
OF THIS RESOLUTION TO THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM.
ADOPTED AND APPROVED this 8th day of March ,1983.
ATTEST:
City Clerk MAYOR
je I hereby certify that the foregoing is a true copy of a Resolution
adopted by the City Council of the City of Downey at a regular meeting
held on the 8th day of March , 1983 by the
following vote of the Council.
AYES: 5 Council Members: Cormack, Jackman, Barb, Davila, Quinn
NOES: 0 Council Members: None
ABSENT: 0 Council Members: None
ABSTAINED: 0 Council Members: None
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City Clerk