ADOPTED - JUNE 22, 2010

                                                                                                                                                     Agenda Item No. 8

Introduced by the County Services and Finance Committees of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF MICHIGAN RESOLUTION FOR

ADOPTING MUNICIPAL EMPLOYEES’ RETIREMENT SYSTEM OF MICHIGAN DEFINED BENEFIT PROGRAMS (OTHER THAN DB COMPONENT OF HYBRID PROGRAM) TEAMSTERS LOCAL 580 (FORMER LANSING ZOO EMPLOYEES/NON-DIRECTOR)

RESOLUTION #10-204

The Board of Commissioners of Ingham County whose fiscal year is January 1 to December 31, desires to make available to its eligible employees (as defined below) benefits provided by the Municipal Employees' Retirement System, of Michigan (MERS), as authorized by 1996 PA 220. Benefits available are those provided under the Plan Document of 1996 and the MERS Bridged Benefit Program.

IT IS RESOLVED that pursuant to the Actuarial Valuation dated to be determined, by MERS' actuary, MERS benefits stated in Section 1 below are to be provided to the following employee division: Teamsters  Local   580 (Former Lansing Zoo Employees/Non-Director) (See, attached Exhibit A).

Please note: If no Initial Valuation has been done by MERS’ actuary on the specific benefit program (or combination of programs) selected below; or the Initial Valuation is more than one (1) year old at the time MERS¹ coverage becomes effective as provided under Section 4 of this Resolution; then, per Retirement Board requirements, this Resolution will not be implemented until a current actuarial valuation is done by MERS^’ actuary and necessary supporting contribution rates certified.

1.         Benefit programs/formulae selected are:

            A.        FOR SERVICE CREDIT ACCRUED PRIOR TO JANUARY 1, 2010 (including service credit earned while employees  were employed by the City of Lansing):

                        Multiplier:         1.60

                        Vesting:            Age 50 with 25 or more years of service or age 58 with 8 or more years of service.  MERS vesting– eight (8) years.

                        FAC:                Highest 2 consecutive years out of the last ten.

                        Misc:                No mandatory retirement age;

                                                Non-Duty Disability Retirement pursuant to MERS non-duty disability provisions;

            Duty Disability Retirement pursuant to MERS duty disability provisions;

ADOPTED - JUNE 22, 2010

                                                                                                                                                     Agenda Item No. 8

RESOLUTION #10-204

Duty Death Retirement pursuant to MERS duty death provisions;

Non-Duty Death eligibility after eight years of service credits;

Annual Amount— Pursuant to MERS plan provisions.

                                                The required employee contribution is 3.5 %.

Prior service credit shall be all prior service from date of hire through December 31, 2009.

            B.         FOR SERVICE CREDIT ACCRUED ON AND AFTER  JANUARY 1, 2010.

Pursuant to the MERS Bridged Benefit Program, for service credit earned on or after January 1, 2010, employees will be  B2,   V10,   FAC   5

                        The required employee contribution is -0- %.

Prior service credit shall be only for service credit earned on and after January 1, 2010. 

2.         The Initial Valuation discloses the actuarial reduction in the employer's future contribution rate that will occur where assets of a preceding qualified plan (whether defined benefit or defined contribution plan) and/or other source are transferred to MERS.

            2.1       In all asset transfers, the employer shall furnish MERS with all necessary and specific information required by MERS on the allocation of employer and employee contributions and investment earnings, along with taxable and nontaxable status on the employee contribution portion.

            2.2       The effective date of this Resolution for making deductions for the employee contributions specified above, and for the payment of necessary employer contributions to MERS, as required in the Plan Document, shall be the same date that MERS' coverage begins, which is July 1, 2007.

            2.3       For municipalities, Plan Section 41 requires adoption by affirmative vote of a majority of the governing body; for courts, see Plan Section 41A. A complete copy of the fully executed collective bargaining agreement (if applicable), and certified copy of the complete official minutes or other official authorizing action for the open meeting at which this resolution was adopted must be forwarded to MERS with this resolution.

Certified this 22^nd day of  June, 2010.

By:  Mike Bryanton

Title: County Clerk, Ingham County  

COUNTY SERVICES:  Yeas:  Copedge, Schor, Celentino, Grebner, McGrain, Vickers

    Nays:  None                 Absent:  None    Approved 6/15/10

FINANCE:  Yeas:  Grebner, Tennis, Schor, Holman, Dougan

    Nays:  None                 Absent:  Bahar-Cook    Approved 6/16/10

                                                                                                                                     ADOPTED - JUNE 22, 2010

                                                                                                                                                     Agenda Item No. 8

RESOLUTION #10-204

EXHIBIT A:

Members:

Teresa Masseau

Tara Harrisson