Agenda Item #                

Columbus Consolidated Government
Council Meeting

June 17, 2014

Agenda Report #              

TO: Mayor and Council

SUBJECT: Pension Plan Funding Ordinances

INITIATED: Human Resources Department and Finance Department
                                               ________________________________________________________________                                                                   

Recommendation: Approve pension ordinances that provide governmental contributions to the Columbus, Georgia Employees’ Pension Plans for the fiscal year beginning July 1, 2014.

Background: Annual contributions are required to fund the following Pension Plans based on the 2013 Actuarial Valuation prepared by Southern Actuarial Services:

1. Columbus, Georgia Employees Pension Plan for General Government Employees

2. Columbus, Georgia Employees Pension Plan for Employees of the Department of Public Safety

3. Columbus, Georgia Employees Major Disability Income Plan

4. Columbus, Georgia Employees Death Benefit Escrow Plan
 
Analysis: There is a budgetary and financial impact.

Legal: The City Attorney has reviewed a copy of the “Pension Plan Ordinances” and there are no issues other than compliance of the law.

Financial Considerations: Funding of the minimum required contributions beginning July 1, 2014 through June 30, 2015.

Recommendation/Actions: Finance and Human Resources recommend the approval of the above ordinances.