Finance and
Audit Committee Amendment
February 5, 2018
IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
AN ORDINANCE amending subsections 1503.2 and 1503.3, Jackson County Code, 1984, relating to the Employees’ Pension Plan.
Intro
ORDINANCE NO. 5066, December 11, 2017
INTRODUCED BY Scott Burnett, County Legislator
Body
WHEREAS, the Employees’ Pension Plan Board of Trustees has authorized an actuarial experience study be conducted every five years; and
WHEREAS, the Plan’s actuary has recommended changes to the Plan and pension ordinance, chapter 15 of the County code, based on the results of the actuarial experience study and actuarial standards applicable to public funds; and
WHEREAS, the Board of Trustees has a fiduciary duty to assess the sufficiency of Plan assets to cover estimated costs of the Plan’s benefit obligations; and
WHEREAS, the Board recommends chapter 15 be amended to modify the actuarial assumptions based on recommendations from the actuary; and,
WHEREAS, the proposed revisions are in the best interests of the health, safety, and welfare of the citizens of Jackson County; now therefore,
BE IT ORDAINED by the County Legislature of Jackson County, Missouri, as follows:
Section A. Enacting Clause. Sections 1503.2 and 1503, Jackson County Code, 1984, are hereby amended, to read as follows:
1503.2 Actuarial Equivalent.
The term "Actuarial Equivalent" shall mean a benefit of equivalent value, as certified by the Actuary, computed on the basis of the following actuarial assumptions:
Interest - [Seven percent (7%)] Six and Seventy-five one hundredths percent (6.75%) per annum, compounded annually.
Mortality - [The 1983 Group Annuity Mortality Table blended 50% for males and 50% for females] RP-2014 Tables, adjusted back to 2006 and projected to 2019 with Generational Improvement Scale to the MP-2016 Scale.
1503.3 Actuarial Value.
The term "Actuarial Value" shall mean the single sum value, as certified by the Actuary, of any income benefit, computed on the basis of the following actuarial assumptions:
Interest - [Seven percent (7%)] Six and Seventy-five one hundredths percent (6.75%) per annum, compounded annually.
Mortality - [The 1983 Group Annuity Mortality Table blended 50% for males and 50% for females] RP-2014 Tables, adjusted back to 2006 and projected to 2019 with Generational Improvement Scale to the MP-2016 Scale.
Enacted and Approved
Effective Date: This Ordinance shall be effective immediately upon its passage by the County Executive.
APPROVED AS TO FORM:
____________________________ ________________________________
Chief Deputy County Counselor County Counselor
I hereby certify that the attached ordinance, Ordinance No. 5066 introduced on December 11, 2017, was duly passed on _________________________, 2017 by the Jackson County Legislature. The votes thereon were as follows:
Yeas _______________ Nays ______________
Abstaining __________ Absent ____________
This Ordinance is hereby transmitted to the County Executive for his signature.
________________________ ______________________________
Date Mary Jo Spino, Clerk of Legislature
I hereby approve the attached Ordinance No. 5066.
_______________________ _______________________________
Date Frank White, Jr., County Executive