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. 5708, January 9, 2023
INTRODUCED BY Charlie Franklin, County Legislator
Body
WHEREAS, the retained actuary and special legal counsel for the Employees’ Pension Plan have recommended certain technical revisions to the Plan’s provisions; and,
WHEREAS, such revisions are in the best interests of the health, welfare, and safety 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. Subsections 1503.2 and 1503.3, 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%) per annum] The interest rate assumption adopted and used in the most recent actuarial valuation, compounded annually.
Mortality- The [1983 Group Annuity] Mortality Tables and mortality improvement scale assumptions adopted and used in the most recent actuarial valuation, blended 50% for males and 50% for females, and projected to the mid-point of the period for which the factors are applicable.
Cost of Living Adjustment (COLA)- The COLA rate assumption adopted and used in the most recent actuarial valuation, compounded annually.
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%) per annum] The interest rate assumption adopted and used in the most recent actuarial valuation, compounded annually.
Mortality- The [1983 Group Annuity] Mortality Tables and mortality improvement scale assumptions adopted and used in the most recent actuarial valuation, blended 50% for males and 50% for females, and projected to the mid-point of the period for which the factors are applicable.
Enacted and Approved
Effective Date: This ordinance shall be effective immediately upon its signature by the County Executive.
APPROVED AS TO FORM:
______________________________ ________________________________
Chief Deputy County Counselor County Counselor
I hereby certify that the attached ordinance, Ordinance No. 5708 introduced on January 9, 2023, was duly passed on January 23, 2023 by the Jackson County Legislature. The votes thereon were as follows:
Yeas ______9_________ Nays ______0________
Abstaining ____0_______ Absent _____0________
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. 5708.
____________________ ________________________________
Date Frank White, Jr., County Executive