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Resolution 2015 - 05 - Additinal Pension Contributions
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Resolution 2015 - 05 - Additinal Pension Contributions
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4/8/2015 12:53:47 PM
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4/8/2015 12:53:47 PM
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City Resolutions
Year
2015
Resolution Number
Resolution 2015 - 5
Passed
2/23/2015
Description
One-time contribution of $1,250,000 to Non-Uniformed Employees Retirement Sstem
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RESOLUTION 2015 - 5 <br /> REQUEST OF ADDITIONAL PENSION CONTRIBUTION <br /> AT A MEETING OF THE TRUSTEES OF THE NON-UNIFORMED EMPLOYEES RETIREMENT <br /> SYSTEM OF THE CITY OF UNVERSITY CITY, MISSOURI, HELD AT 7:30 P.M. ON OCTOBER 28, 2014, <br /> WHEREAS, the Trustees of the Non-Uniformed Employees' Retirement System of the City of <br /> University City, Missouri, do hereby find as follows: <br /> WHEREAS, the current funding status of the Non-Uniformed Employees Retirement fund is currently <br /> funded to a level of 79.0%, as of the January 1, 2014 actuarial valuation; <br /> WHEREAS, a funding status below 80% for any Missouri public pension system is restricted by the <br /> State of Missouri from making changes to the plan until the funding status is rectified. Additionally, public <br /> awareness of underfunded pensions cast a negative connotation to the general public and creditors on the City of <br /> University City, Missouri,that is not truly representative of the City's fiscal solvency; <br /> WHEREAS, despite positive stock market returns since 2009,the fund has not been able to significantly <br /> improve its funding status as had been projected. Furthermore, the Trustees find that the contribution required <br /> of the City of University City continues to grow in light of lower covered payroll over the same period; <br /> WHEREAS, the Trustees believe that a one-time additional contribution to the Non-Uniformed <br /> Employees Retirement System of the City of University City, Missouri, will close part of the funding gap in the <br /> short term and also create a higher level of average invested assets from which to derive investment returns; and <br /> WHEREAS, the Trustees believe that higher returns now will lower the long term contributions <br /> necessary from the City of University and enable a more stable financial outlook for the City of University and <br /> the Non-Uniformed Pension Fund. <br /> NOW, THEREFORE, BE IT HEREBY REQUESTED by the Trustees of the Non-Uniformed <br /> Employees Retirement System of the City of University City, Missouri, that the City Council Members of the <br /> City of University City, Missouri approve an immediate one-time University City, Missouri in the amount of <br /> $1,250,000 to improve the funding level and long term solvency of the Pension Fund. <br /> PASSED and ADOPTED this 23`c day of February, 2015. <br /> MAYOR <br /> ATTEST: <br /> Li <br /> CITY LERK <br />
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