HomeMy WebLinkAbout4769 - ADMIN Resolution - City Council - 1973/03/05ORIGINAL
..ESOLUTION NO. ,9 . 9
RESOLUTION ADVOCATING CHANGES IN THE
PUBLIC EMPLOYEES RETIREMENT ASSOCIATION
OF THE STATE OF MINNESOTA
WHEREAS, as a condition of employment, governmental employees
throighout the state are members of the Public Employees Retirement
Association of the State of Minnesota, and
WHEREAS, said employees are servants of the public and
essential in the conduct of local governmental operations, and
WHEREAS, it is increasingly appat@nt that the pension benefits
derived from the Association by its members are inadequate to provide
a minimal level of retirement or survivor income to the dedicated
public servants of our State, therefore
BE IT RESOLVED by the City Council of the City of St. Louis Park
that the Minnesota Legislature is hereby requested to effectuate the
following changes in the existing PERA law:
1. Change the interest assumption which the actuary is required
to use from 3k% to a figure which will appropriately reflect
current potential earnings of the fund, for example, 5%;
2. Change the definition of average salary from the current
"career average" concept to an average of the five highest years;
3. Remove the limitation on survivor benefits in the basic plan
to reflect the fact that members now pay contributions based
on total salary;
4. Allow a reasonable payment of interest for the use of the
member's money when a member receives a refund of his or
her contributions due to termination of service prior to
retirement.
Adopted by the City Cou
At est:
ii �yCl '(U-
44"/"'4L6-1frt)
ity Clerk
istration:
March �► 3
I
I I /A
Mayor
App
AppJved as tooff m and legality:
.e
Cit Attorney