Anderson 

A Resolution Summarizing the City of Anderson’s position on PERS/TRS with the state bearing 85% of the unfunded PERS past service cost liability, and all PERS employers paying 15%, with the state permanently paying all past service costs related to the TRS

 

WHEREAS, the City of Anderson supports amending State Statutes to reflect an actual consolidated PERS plan; and

 

WHEREAS, the City of Anderson supports having one consolidated normal cost rate that all member employers pay; and

 

WHEREAS, the City of Anderson believes that 85% of the PERS unfunded obligation should go on the State’s books and be accounted for and paid by the State as a separate stand-alone obligation; and

 

WHEREAS, the City of Anderson believes that the other 15% of the unfunded obligation belongs to all PERS members; and

 

WHEREAS, the City of Anderson believes that in order to pay the other 15% of the unfunded obligation, there should be a separate uniform consolidated past service cost rate that all member employers pay, that is a separate rate from a uniform, consolidated cost rate; and

 

WHEREAS, the City of Anderson believes that the State should permanently pay all past service costs related to the TRS system; and

 

WHEREAS, the City of Anderson supports seeking out and using available methods to reduce the future carrying costs of the unfunded obligations.

 

NOW, THEREFORE BE IT RESOLVED that the City of Anderson wishes to summarize and make clear that its PERS position is an 85/15% split of the unfunded liability and uniform consolidated normal cost rate and past service cost rates.

 

AND BE IT FURTHER RESOLVED that the City of Anderson urges the State to permanently pay all past service costs related to the TRS system.

 

PASSED AND APPROVED by the City of Anderson on February 12, 2008.