CITY OF HOMER

HOMER, ALASKA

Stark

RESOLUTION 05-55

RESOLUTION OF HOMER CITY COUNCIL SUPPORTING STATE ADOPTION OF TIER IV DEFINED CONTRIBUTION PLAN FOR PUBLIC EMPLOYEES RETIREMENT SYSTEM.

WHEREAS, A variety of factors has caused a shortfall in the PERS/TERS system, and

WHEREAS, The Homer City Council has carefully considered the problem, and

WHEREAS, One of the factors that would solve part of the problem is to change for new participants the present defined benefit plan to a defined contribution plan, and

WHEREAS, This revision is one more tweaking of the system since Tier I in the 1970s, and

WHEREAS, This revision is necessary although perhaps not sufficient to put the system into financial balance and reduce the present onerous financial demands of the system.

NOW THEREFORE BE IT RESOLVED that the Homer City Council recommends to the Alaska Legislature that the PERS/TERS retirement system be modified for new participants to a defined contribution plan.

PASSED AND ADOPTED by the Homer City Council this 25th day of April, 2005.

CITY OF HOMER

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ATTEST: JAMES C. HORNADAY, MAYOR

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MARY L. CALHOUN, CMC, CITY CLERK

Fiscal Note: positive