Public Hearing: YES ☐ NO ☒ Department: OMB (Office Managing Budget)
SUBJECT:
Title
Commission District(s): All
Designation of Extra Contribution to Pension Fund in 2017.
Body
Information Contact: Jay Vinicki
Phone Number: 404-371-2754
PURPOSE:
To confirm that the purpose of a Fiscal Year 2017 payment to the pension fund in excess of the minimum amount required by statute is to reduce the remaining balance of the amount the County committed to pay to fund the actuarially amortized amount of the total lump sum retirement benefits based on annual leave calculations with interest that were paid to participants who retired pursuant to the 2010 Retirement Incentives.
NEED/IMPACT:
To reduce the amount remaining to be paid for this purpose in future years.
FISCAL IMPACT:
Estimated at $10.1 million dollars.
RECOMMENDATION:
Recommended Action
Approve the attached resolution to confirm the purpose of the fiscal 2017 payment to the pension fund that is in excess of the minimum amount required by statute.