ADOPTED - JUNE 22, 2010
Agenda Item No. 9
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)
UNITED AUTO WORKERS 2256 ZOO (FORMER CITY OF LANSING)
RESOLUTION #10-205
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.
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: United Auto Workers 2256 Zoo (Former Lansing) (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:
Multiplier: 2.75
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;
Duty Death pursuant to MERS duty death provisions;
ADOPTED - JUNE 22, 2010
Agenda Item No. 9
RESOLUTION #10-205
Non-Duty Death eligibility after eight years of service credits;
Annual Amount — Pursuant to MERS plan provisions.
The required employee contribution is 1.7 %.
Prior service credit shall be all prior service from date of hire.
2. The Initial Valuation discloses the actuarial
reduction in the employer's future contribution rate that will occur where
assets of a proceeding 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 22nd 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. 9
RESOLUTION #10-205
EXHIBIT A:
Members:
Heather Stults
Mark Marquardt
Sarah Foote
Kimberly Hernandez
Linda Wager
Janice Tomlian
Melissa Lincoln
Cynthia Wagner
Jacqueline Broder